Should I open a business account with BofA?
 

I got my LLC and now i need to open a business bank account. I was thinking of doing it with Bank of america.
Any feedback on using them for a business account?

Errr. Um... NO. unless you dont mind giving them money to go bankrupt with.

Find a decent size Credit Union.

Spare me with that bankrupt comment.

I just opened an account with B of A. They will handle all of your payroll taxes for free. So if you are self employed pay yourself a small salary and bonus yourself. :winkwink:

Oh come on, credit unions have their uses, but a regular business bank account to write checks on is more practical. Nothing wrong with BofA business accounts, I have had one for over a decade. They are the biggest bank in the US and they aren't going anywhere, unless all of society collapses into a Mad Max-ian post apocalyptic wasteland.

We just closed our BofA accounts and moved to a credit union. After 7 years of on time payments, good credit and loyalty they are declining loans.

We went to a credit union and were approved for what we needed.

They won't reward you with squat.

That's what I was thinking. If I ever move then theres always a Bank of America nearby

I've been with BoA for four years and never had any issues.

Though their interest rates are shit lol

Best advice. :thumbsup

B of A is good for the 1st year when everything is free, after that they charge you for everything. I think I get charged $15 for monthly services, $10 to use quickens and another $10 to send invoices.

Seemed nice untill the year ended.

You can do this with minimal amounts in a credit union account as a common citizen

Same here.

I had a decade or more with National City. My personal, as well as three business accounts, and savings. Despite loyalty, and an over 720 credit score, no late payments, etc. they would not refinance, or approve shit. Mainly citing the 'self employed' reasons.

What finally put me over the edge with them was the fees. They started raising all their fees from wires, to just nickel and dime bullshit on different petty stuff. Finally, I had enough.

I went to the credit union. Opened a personal only at first. Within two weeks, I was approved for one loan. Consolidated other credit cards, and got one through the CU with high limit. Within 6 months, refinanced my truck. Moved my business accounts. Within a year bought new SeaDoo. Moved all remaining accounts but one, the partnership, from Nat City. Within 18 months bought a house.

Now business partner moved a lot of his real estate and business there as well.