topic Re: Business checking account in Personal Finance

Business checking account

hoang817 — Sat, 01 Aug 2020 20:20:22 GMT

Hello,

I got rejected by WFC, BAC and JPM . do you have or any suggestion on any other online business banks i can open for my business right now?

Thank you

Re: Business checking account

ToughFistFight — Sat, 01 Aug 2020 22:05:52 GMT

What was the reason for the denials? That will help with suggestions.

Have you tried a local CU? And what business structure?

Re: Business checking account

randomguy1 — Mon, 03 Aug 2020 20:14:24 GMT

Pretty sure Chase requires you to do it in person.

Re: Business checking account

AnimatorProcrastinator — Tue, 04 Aug 2020 06:31:22 GMT

Axos Bank business checking. It's free with no balance minimums or requirements except you have to deposit $1,000 at account opening. You can immediately withdraw the $1,000 once it's open. You get something like 250 free transactions, free unlimited ATM withdrawal fee refunds, and they have a free payroll service. I've had my business checking with them for about 3 months and no complaints.

looking for an online business checking account

hoang817 — Wed, 05 Aug 2020 15:21:43 GMT

Denied by all local banks (bac, wfc and chase) . denied by azlo online too.. feel depressing. please help. thanks

Re: looking for an online business checking account

Anonymous — Wed, 05 Aug 2020 15:25:10 GMT

https://ficoforums.myfico.com/t5/Personal-Finance/Business-checking-account/td-p/6097425

Check the replies to your last thread

Re: looking for an online business checking account

gingerflower — Wed, 05 Aug 2020 16:44:42 GMT

@hoang817

Sorry to hear of no success with business checking..I am surprised your local bank or Cu does not offer you business checking!

Re: looking for an online business checking account

Anonymous — Wed, 05 Aug 2020 17:02:46 GMT

@Anonymous wrote:
https://ficoforums.myfico.com/t5/Personal-Finance/Business-checking-account/td-p/6097425

Check the replies to your last thread

Not to mention the reasons for denial were never expanded upon, so no one can suggest valid options.

Aside from stop trying all over town as those INQ are adding up and some Banks can be sensative to them.

Re: looking for an online business checking account

Anonymous — Wed, 05 Aug 2020 17:14:39 GMT

@hoang817

Sorry to hear you are having difficulty with the BC and I know from experience it can be very frustrating. Assuming that you don't have any red flags with checking accounts in your personal name, you may want to look at Capital One Spark Basic Business Cecking. They do have a $15 per month fee if you don't meet the minimums but when I had a tough time getting a business account locally they opened mine. I have since moved on to a local bank but they treated me right and I was happy to be able to get my foot in the door. They also offer some nice features for a new small business owner.

Please let us know where you end up opening your account and I wish you all the best with your new business!!

Re: looking for an online business checking account

hoang817 — Wed, 05 Aug 2020 22:43:00 GMT

HI,

I wanted to but none of the banks give me reason for the denial. just like wfc.. the guy was going to take my deposit then somehow came back and said we are not approve your application at this time and a letter will come in the mail. 2 months and i dont see any letter at all.

and this one from BAC

Dear VIET OPTIONS LLC:

Thank you for your recent application. We regret that we are unable to open your deposit account(s) online at this time.

For your privacy, we do not share details through email as to why we're unable to fulfill your request. Please feel free to visit any of our banking centers to have a representative assist you. To locate a Bank of America banking center near you, visit our website.

If you have any questions, please call us toll-free at 1.866.460.1287, Monday through Friday from 8 a.m. to 7 p.m., Eastern.

We look forward to the opportunity of serving you in the future.

Re: looking for an online business checking account

RootDet — Thu, 06 Aug 2020 04:49:31 GMT

sadly they do not need to give reasons for denying the account. I suggest you just go to a local credit union and open one up. you also might have a hefty chex file now for inquiries, so you may be out of luck for 3 months.

Re: looking for an online business checking account

Remedios — Fri, 07 Aug 2020 02:39:41 GMT

@hoang817 I've merged your two identical threads

Please avoid cross posting, it causes unnecessary confusion.

Re: looking for an online business checking account

hoang817 — Fri, 07 Aug 2020 21:37:02 GMT

iam sorry

@Remedios wrote:
@hoang817 I've merged your two identical threads
Please avoid cross posting, it causes unnecessary confusion.

and thank you

Re: looking for an online business checking account

hoang817 — Fri, 07 Aug 2020 21:38:05 GMT

I think so too.. iam going to apply for an online one for now... then will see a local banks in 2 years and see what happen.