Opening Multiple Business Checking Accounts: How Many is Too Many?

[Didi98]

Hi guys. I am currently living in Canada, but I have credit and am building a business in the States. My goal is to establish business credit, have access to high credit lines, and build relationships with banks. However, due to work, it's difficult for me to leave Canada to open checking accounts in the States. I was planning on going on a banking trip soon, where I would open a bunch of bank accounts with some local banks and credit unions, as well as some accounts in bigger banks with which I already have a personal relationship, like Amex and Chase. Now, my question is: How many business checking accounts can I even open at one time? Is it bad if I am opening too many bank accounts at once?

[GZG]

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@Didi98 wrote:

Hi guys. I am currently living in Canada, but I have credit and am building a business in the States. My goal is to establish business credit, have access to high credit lines, and build relationships with banks. However, due to work, it's difficult for me to leave Canada to open checking accounts in the States. I was planning on going on a banking trip soon, where I would open a bunch of bank accounts with some local banks and credit unions, as well as some accounts in bigger banks with which I already have a personal relationship, like Amex and Chase. Now, my question is: How many business checking accounts can I even open at one time? Is it bad if I am opening too many bank accounts at once?

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Unless your intention is to do something bad with your accounts, I can't imagine why it wouldn't be fine to have multiple accounts, I do as a sole prop

you'll have to consider the whole Canada part, and how that might impact your applications (I wouldn't begin to know) 

and consider any account minimums or other requirements, Chase has a $2k minimum to avoid fees if you don't meet their other requirements

[SouthJamaica]

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@Didi98 wrote:

Hi guys. I am currently living in Canada, but I have credit and am building a business in the States. My goal is to establish business credit, have access to high credit lines, and build relationships with banks. However, due to work, it's difficult for me to leave Canada to open checking accounts in the States. I was planning on going on a banking trip soon, where I would open a bunch of bank accounts with some local banks and credit unions, as well as some accounts in bigger banks with which I already have a personal relationship, like Amex and Chase. Now, my question is: How many business checking accounts can I even open at one time? Is it bad if I am opening too many bank accounts at once?

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Yes you sometimes get flagged if you're opening a number of accounts. Better to space it out.

[RealEstateGuy89]

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@Didi98 wrote:

Hi guys. I am currently living in Canada, but I have credit and am building a business in the States. My goal is to establish business credit, have access to high credit lines, and build relationships with banks. However, due to work, it's difficult for me to leave Canada to open checking accounts in the States. I was planning on going on a banking trip soon, where I would open a bunch of bank accounts with some local banks and credit unions, as well as some accounts in bigger banks with which I already have a personal relationship, like Amex and Chase. Now, my question is: How many business checking accounts can I even open at one time? Is it bad if I am opening too many bank accounts at once?

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You can open up a handful of accounts without much trouble. Also, there are several that you can open online without leaving home so I would look into that, unless there are specific banks you want or need. 

I know my Capital One business account was opened completely online. Good luck.