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Need a Business Checking Account- Chexxsystems


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30 replies to this topic

#1 cgraz1187

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Posted 03 August 2016 - 08:43 AM

 I need to open a business checking account for my LLC, I am in chexxystems personallly from a few years back for debit overdrafts, any account i have tried to open has run me personally instead of the llc. Are there any banks to try, I currently have a personal checking account with TD Bank that I opened online, bu they are 60 miles from me. Is woodforest second chance business an option? Do they deny accounts as well?


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#2 tmcgill

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Posted 03 August 2016 - 03:24 PM

What is your city and state? This will help pinpoint possible options, and get replies from others in your area.


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#3 cgraz1187

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Posted 03 August 2016 - 04:00 PM

Scranton, PA ... I tried to go to woodforest today, brought all the paperwork and they ran Chexsystems which I have a freeze on, they said they couldnt complete the application with the security freeze.


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#4 tmcgill

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Posted 03 August 2016 - 04:45 PM

Any experience with these?

 

Not a big fan of Bank of America, but they have been known to open business checking accounts if you are incorporated - or an LLP or LLC. Apply using your business information and EIN. I noticed they have a Scranton location.

 

Univest.net has shared branches all over PA. They are located to the south in Souderton. I would contact them and see if there is a closer branch. They use Telecheck for new account approvals.

univest.net

 

Citizens Savings has business accounts. They use a credit report for approvals, and screen on a case by case basis.

https://www.citizens...ions-hours.html

 

Go Bank - Online Banking

No personal experience, but I've gotten positive feedback about this bank.

https://m.gobank.com/welcome


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#5 cgraz1187

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Posted 03 August 2016 - 05:29 PM

Tried with Univest online but it was declined, i call EWS this morning they asked if I had been declined I said yes and they said they saw no information that would have caused a decline, so I do not think I am in EWS. 

 

Go bank will not accept business accounts or wire transfers, the reason I need this account is to accept wire transfers as payment method as I sell products in the $4000-$7000 range and taking a credit card for that amount is too risky.

 

Thank you for the help.


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#6 tmcgill

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Posted 03 August 2016 - 05:34 PM

Maybe Univest has changed their approval policy.

What other city locations would be close to where you are? Once you open a credit union account in close proximity, you could then use the shared branch option in Scranton.


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#7 cgraz1187

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Posted 03 August 2016 - 06:09 PM

Allentown, Harrisburg, Wilkes-Barre, even Philadelphia is only a 2 hour drive. I really do not need a close branch, I need to be able to accept incoming domestic wires, and then pay my suppliers via check or debit card. I have an app pending with BOA, they do not have any branches close but i submitted business documents to them today. I have a personal account i opened online with TD Bank.

 

Should I remove the chexsystem freeze and try Woodforest 2nd Chance Business? They are within 5 miles.


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#8 tmcgill

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Posted 04 August 2016 - 09:03 AM

Since your EWS is clear, do you have any experience with PNC Bank? They have a branch in Scranton on Penn Avenue, and at the University on Jefferson. We've gotten positive feedback regarding their Foundation checking for personal accounts.  I would contact them and get requirements on their business approvals.

 

https://apps.pnc.com/locator/#/search

 

Or, US Bank? (We've had feedback they ignore Chexsystems entries over a certain age)

http://www.yellowpag...phia-pa/us-bank

 

Note: Many of the credit unions in your part of PA have membership restrictions based on location.


Edited by tmcgill, 04 August 2016 - 09:14 AM.

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#9 cgraz1187

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Posted 04 August 2016 - 01:15 PM

Thank you for the help, I went to an appointment today at citizens bank, they opened a business checking in the LLC name, gave them a $200 deposit and walked out wit an account and checks. I am guessing they do not run signers on the LLC accounts?


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#10 tmcgill

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Posted 04 August 2016 - 02:12 PM

Congrats!
As posted above, they just review your credit report. Let us know if there is a hard pull on your Experian, Equifax or TransUnion files. Keep us posted on how the account goes.

Edited by tmcgill, 04 August 2016 - 02:12 PM.

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#11 cgraz1187

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Posted 04 August 2016 - 02:30 PM

Tcmgill - This was not Citizens Savings but rather Citizens Bank www.CitizensBank.com, I actually walked into citizens savings for my appointment and was told I was in the wrong place, they are 1 mile apart.


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#12 tmcgill

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Posted 04 August 2016 - 03:00 PM

Thanks. :blush:

I'll verify my "fresh start" list has the correct one. That was actually my mistake, as I think CitizensBank was the one I was referring to.


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#13 CreditCuestions

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Posted 04 August 2016 - 03:05 PM

Fidelity has a Business Account and they have mobile deposits what I do like is they do not charge any OD or insufficient fees if you make a banking error. And they have foreign ATM reimbursement
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#14 tmcgill

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Posted 04 August 2016 - 03:07 PM

What CRA did they use to approve your account?


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#15 cgraz1187

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Posted 04 August 2016 - 04:04 PM

I am not sure, as nothing is showing right now on my equinox and transunion is frozen, haven't checked experian.

I also just got an approval email from Bank of America, although the closes branch is an  hour away. Hopefully all goes well with the Citizens Bank account, us bank alos sent me an approval for a personal account.


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#16 tmcgill

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Posted 04 August 2016 - 05:08 PM

For both business and personal finances, keep a backup account. In today's banking climate, never keep all your funds in a single bank or credit union.


CreditCuestions - What CRA did Fidelity use to open the business account?


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#17 CreditCuestions

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Posted 10 August 2016 - 10:09 AM

What CRA did they use to approve your account?

I do not see a hard or soft pull on either of the personal bureaus.

I called CS spoke with a Manager she said they do not pull credit.

HUCA and spoke with the Brokerage Cash Management dept he said they only pull EQ if you are asking for a Margin.

 

I have not looked at my EQ Business Report because it is a bit pricey.


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#18 tmcgill

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Posted 10 August 2016 - 02:03 PM

Thanks. Regarding the Fidelity brokerage account:  A few years ago, we got reports they were picky about NSF activity, and closed those accounts. Keep us posted on any service or operational issues.


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#19 tmcgill

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Posted 10 August 2016 - 02:28 PM

Thanks. Regarding the Fidelity brokerage account:  A few years ago, we got reports they were picky about NSF activity, and closed those accounts. Keep us posted on any service or operational issues.

 

P.S. The business brokerage account requires $2500 to open.


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#20 CreditCuestions

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Posted 10 August 2016 - 03:46 PM

Yes the but you can still get the business cash management (checking) account with $0.00.  Just fill out a 14 page application.

 

On my personal account maybe 3 years ago I over drafted it very frequently (pay at the pump) and it was never closed but the reps did threaten to do it.  If it stays negative for 2 weeks I think, they put a hold on it but you pay and bring it back to current they release the hold.


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#21 tmcgill

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Posted 10 August 2016 - 04:11 PM

Thanks. I will update the master fresh start list. That may be of interest to someone else.


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#22 tmcgill

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Posted 10 August 2016 - 04:20 PM

Fidelity Cash Management Account

https://www.fidelity...ccount/overview

 

(They will soft pull to verify your identity)


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#23 CreditCuestions

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Posted 10 August 2016 - 04:31 PM

Fidelity Cash Management Account

https://www.fidelity...ccount/overview

 

(They will soft pull to verify your identity)

 

I wonder if they are using another name because I don't see Fidelity under Inquiries.

I completed this application 2 months ago.  Took 2 days.

 

Fidelity Account Business Brokerage Application

https://www.fidelity.com/customer-service/forms-applications/brokerage-business-complete 


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#24 tmcgill

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Posted 10 August 2016 - 04:51 PM

Their account process may have changed. That page is no longer available.

On their site, I found the Individual Cash Management Account, but the Business Cash Management Account now requires $2500 to open.

A recent change?  I'll contact them and verify.


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#25 CreditCuestions

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Posted 10 August 2016 - 05:28 PM

https://www.fidelity...-business-agree

 

I bypassed the agree button I guess it wont allow a direct link


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