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New LLC, suggestion on Best Bank or Credit Union for Checking account/Relationship?

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chris288
Regular Contributor

New LLC, suggestion on Best Bank or Credit Union for Checking account/Relationship?

Ok everyone I took the advice here and just opened up my LLC.  So my next question is what is the best Bank or Credit Union to have a business checking account and future credit/loan relationship with?  I am member with Penfed (they are tight with me though) NavyFed (which is awesome, CC, and Auto Loan already with personally) but I am wondering who is the best to have a business checking account with?

 

I will be PG'ing the LLC so not worried about Non PG stuff rigth now, what does everyone here suggest?  Should I go with NavyFed?  How is there business products?

 

Would local banks be better?  I have Regions, ORNL CU, BB&T, etc?

 

Also, is there a time limit I should wait before PG'ing my LLC?

 

Thanks to everyone for the help.

Message 1 of 9
8 REPLIES 8
silver_idle
Established Contributor

Re: New LLC, suggestion on Best Bank or Credit Union for Checking account/Relationship?


@chris288 wrote:

Ok everyone I took the advice here and just opened up my LLC.  So my next question is what is the best Bank or Credit Union to have a business checking account and future credit/loan relationship with?  I am member with Penfed (they are tight with me though) NavyFed (which is awesome, CC, and Auto Loan already with personally) but I am wondering who is the best to have a business checking account with?

 

I will be PG'ing the LLC so not worried about Non PG stuff rigth now, what does everyone here suggest?  Should I go with NavyFed?  How is there business products?

 

Would local banks be better?  I have Regions, ORNL CU, BB&T, etc?

 

Also, is there a time limit I should wait before PG'ing my LLC?

 

Thanks to everyone for the help.


For me, I am debating on if I should stay with Wells Fargo, or move to Fifth Third Bank. Most of the banks you listed are not really available in my area, but to be honest it does kinda depends on your workflow, if you plan on going to branch, etc. Call and talk to each bank and see what they have to offer for business accounts. 

Message 2 of 9
Creditaddict
Legendary Contributor

Re: New LLC, suggestion on Best Bank or Credit Union for Checking account/Relationship?

BBT from your list

Message 3 of 9
Creditaddict
Legendary Contributor

Re: New LLC, suggestion on Best Bank or Credit Union for Checking account/Relationship?

Navy business is a pain to get set up but if you have local branch probably much easier.

they are much tougher than personal.

 

id only bother if you have local branch.

Message 4 of 9
chris288
Regular Contributor

Re: New LLC, suggestion on Best Bank or Credit Union for Checking account/Relationship?

Thank you for the help. I will call around and check with some banks and CU.

I am a little surprised and disappointed to hear about Navy business. I actually don't have a close branch to me, but was hoping they would be easier to get loans and work with.

Does their business dept. Pull different bureaus?

Thanks for the help BTW. BBT is good uh?
Message 5 of 9
Creditaddict
Legendary Contributor

Re: New LLC, suggestion on Best Bank or Credit Union for Checking account/Relationship?

I have navy business checking accounts but it's all by signed paperwork which you can scan and email or fax but then you have to mail original to open account.
Credit card is also paper app and then business banker will call and submit for you.
I have been denied 2 because of past baddies despite that I have NavCheck and 3 personal credit cards.
But if you have no baddies then might be very different...
Bbt was my bank back in 2006-2010 timeframe but full disclosure did have a friend that was banker that I could reach out to if issues but other than overdrafts I didn't have any issues!!
Fifth third use to be good for business credit cards.
Message 6 of 9
chris288
Regular Contributor

Re: New LLC, suggestion on Best Bank or Credit Union for Checking account/Relationship?

Great feedback. I have a Navy CC and Auto loan with them. Perfect payment but high UTI.

I was thinking Regions, but really like dealing with CU.
Message 7 of 9
Imperfectfuture
Super Contributor

Re: New LLC, suggestion on Best Bank or Credit Union for Checking account/Relationship?

For those in the Northwest, BECU has the best for very small business. Helps if we know location.
Signature needs updating
Message 8 of 9
chris288
Regular Contributor

Re: New LLC, suggestion on Best Bank or Credit Union for Checking account/Relationship?

Thank you for the suggestions. I am in TN
Message 9 of 9
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