Bank (by GLR [MA]) Oct 30, 2024 11:16 AM
Bank (by Deanna [TX]) Oct 30, 2024 11:30 AM
Bank (by Ken [NY]) Oct 30, 2024 11:59 AM
Bank (by Hoosier [IN]) Oct 30, 2024 12:26 PM
Bank (by Still Learning [NH]) Oct 30, 2024 1:08 PM
Bank (by plenty [MO]) Oct 30, 2024 3:14 PM
Bank (by MC [PA]) Oct 30, 2024 4:49 PM
Bank (by elliot [RI]) Oct 30, 2024 5:46 PM
Bank (by elliot [RI]) Oct 30, 2024 5:46 PM
Bank (by Steve [MA]) Oct 30, 2024 7:35 PM
Bank (by Ray-N-Pa [PA]) Oct 31, 2024 7:32 AM
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Bank (by GLR [MA]) Posted on: Oct 30, 2024 11:16 AM Message:
I've had my properties go to business accounts (sole propriertorship) with Santander. Originally started with Sovereign (which was acquired by Santander). Was fine for the most part, but now they've started being a giant pain. Always asking for more information. I want to move it...
What banks do you use. I'm not interested in online banks. I'm in the metro boston area, so I'm more focused on banks that are available in this area.
Also, do you have personal account, biz account (for the prop), or account for a trust (if your prop is in the trust).
--192.243.xxx.xx |
Bank (by Deanna [TX]) Posted on: Oct 30, 2024 11:30 AM Message:
I started off with BofA, but they eventually changed their rules. I had other things to do with my funds than use it as a buffer to avoid fees. I used to be able to waive fees if I used my debit card once a month ("Just buy yourself a Sonic drink!" he told me) but they changed it to require minimum spend. And I had better rewards than avoiding fees, and I don't use debit cards anyways, because I like an extra layer of protection between my physical money bucket vs a card that lets someone access it.
So I transferred over to a small, local bank with a low minimum balance to avoid fees. In three towns and two counties, all of my rentals are within a mile of one of its branches. I like being able to go to the counter if I have a problem or need something, and I like that they know me. I also like it that I can see immediately when I've been paid, especially when you're in a situation where someone's been struggling and they swear they had someone deposit their rent at 5:00... but the staff can check the motion cameras and see that only the janitor triggered the camera for an hour on either side of that time...
I have a biz account for each single-member LLC. However, for the occasional person who needs to pay by Zelle, that feeds into a personal account because my small, local bank doesn't do Zelle.
I've tried looking into other local banks periodically to see if I can get a better product with a bigger name. But generally, the bigger the bank, the more obnoxious it tends to be to deal with as a small biz. Chase and Citi both required even bigger cash cushions to waive fees than BofA did. I had really wanted to get on with Chase because of how easy their QuickPay was, back in the days before Zelle, but they made it very restrictive to accept third-party cash deposits.
The one feature my bank doesn't offer is a sweep account.
So--- find a small, local bank or credit union. Double-check restrictions about third-party cash deposits. Double-check restrictions about minimum balances to avoid fees. --137.118.xx.xxx |
Bank (by Ken [NY]) Posted on: Oct 30, 2024 11:59 AM Message:
I use small banks, managers tend to stay longer than when i used big banks.The manager at my local bank knows me so can bend rules sometimes or just more willing to help --74.77.xx.xx |
Bank (by Hoosier [IN]) Posted on: Oct 30, 2024 12:26 PM Message:
we used a tiny local bank...you wouldn't know the name. Yes I had separate accounts for personal and rentals. We had separate credit cards too....kept all transactions separate. I just find it easier to do that way and if an audit ever occurred we'd have an easy time showing personal vs. business expenses.
The only gray area I got into is when we buy things that are shared between personal use and business...one example is paper towels....I use a lot of them for rentals so I always bought these on the business account even though we used them also at home. I don't think the IRS would throw me in jail for that. Another such area is small hand tools and "consumables" like sandpaper, caulk, painters tape, etc.
My litmus test is that if anything I do were to show up in the local newspaper and everyone found out about it...would I be ok with that...and that's how I make my decisions about the gray areas. Obviously my accountant has also given me legal guidance...so that plays into it as well.
We did not have a trust, although I think trusts are valuable for some people in some situations. --64.38.xxx.xxx |
Bank (by Still Learning [NH]) Posted on: Oct 30, 2024 1:08 PM Message:
I started with Optima which was bought by Cambridge Trust which was just bought by Eastern Bank. So far I haven’t noticed a lot of changes. I have a local branch. Cambridge Trust did not do Zelle. They wrote both my building mortgages and held them in house until I paid them off. I have a business checking, checking which I use as a deposit account and sweep the money and 2 savings for security deposits. All our personal is there too and they look at combine balances to avoid fees. --73.149.xx.xxx |
Bank (by plenty [MO]) Posted on: Oct 30, 2024 3:14 PM Message:
Usbank. I'm not using the business accounts. --172.59.xxx.xx |
Bank (by MC [PA]) Posted on: Oct 30, 2024 4:49 PM Message:
Credit union --73.230.xxx.xx |
Bank (by elliot [RI]) Posted on: Oct 30, 2024 5:46 PM Message:
At one point I had a sizable commercial loan with Rockland Trust, kind of local bank. Give them a try if nothing else..
Right now, I have my money in local banks and local credit unions to diversify the risk.. I don't go to bank unless I am buying or selling some real estate. That being said, I still keep BoA since they have so many ATMs and branches in case I need cash.. --96.253.xx.xx |
Bank (by elliot [RI]) Posted on: Oct 30, 2024 5:46 PM Message:
At one point I had a sizable commercial loan with Rockland Trust, kind of local bank. Give them a try if nothing else..
Right now, I have my money in local banks and local credit unions to diversify the risk.. I don't go to bank unless I am buying or selling some real estate. That being said, I still keep BoA since they have so many ATMs and branches in case I need cash.. --96.253.xx.xx |
Bank (by Steve [MA]) Posted on: Oct 30, 2024 7:35 PM Message:
GLR, ever since I started in RE, I've always preferred to use either local credit unions or small regional banks. I've found that with both of these you actually get to know the people that you're dealing with. Currently I use 2 different local credit unions as well as North Shore Bank which recently acquired Abington Bank. So far, I'm still getting the same great service as I was before the merger but if it changes, I will find another local bank to do business with. --71.174.xx.xx |
Bank (by Ray-N-Pa [PA]) Posted on: Oct 31, 2024 7:32 AM Message:
I use a local portfolio bank. It has only 13 branches.
Most of my places are in land trust.
I have an LLC that does the property management. I get a small paycheck for earned income from that LLC. I use that to fund my SD Roth 401K. There isn't much money at any one time in that LLC account.
I have other LLCs that are beneficiaries of the land trust. Most of the money gets funneled into these accounts.
I use this method as it provides me a vessel for a game of Whack a Mole. If the land trust is a Illinois Land trust, the property is in Pa and the Trustee is in Ohio........with directions to turn over the trusteeship if you ever get anything looking like an official notice to the successor trustee (in a fourth state). Try to serve me. Without the trust document, that will be a rough road ahead. --24.101.xxx.xxx |
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