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Help with BofA - opening a business checking account remotely

BrettSilverman

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BrettSilvermanActive RecruitAuthor
Joined
Jun 2021
Messages
131

#1

Hi,
Me and my partners have tried unsuccessfully to open either Business Fundamentals or Business Advantage type of business checking account online for our LLCs but got either declined right away or after a couple of hours received a decline email.
Any suggestions? Have they changed their policy regarding remote opening lately? I remember back in 2018 it was not a problem.

BrettSilvermanActive RecruitAuthor
Joined
Jun 2021
Messages
131

#2

Is mentor group gold membership just a gilded metal lol?

JohnLockeOffshoreCorpTalk owner
Joined
Dec 2008
Messages
15,888

#3

There is not sufficient information for anyone to answer this question.

For instant where are you going to register the company? what business is it you want to start, and which banks have you tried?

Where are you located?

BrettSilvermanActive RecruitAuthor
Joined
Jun 2021
Messages
131

#4

James Spader said:

There is not sufficient information for anyone to answer this question.

For instant where are you going to register the company? what business is it you want to start, and which banks have you tried?

Where are you located?

I understand. I am going to register one company in FL and another one in TX (with my partners).
Starting an ecommerce business, online retail
I tried Bank of America and Chase
Located in FL

BrettSilvermanActive RecruitAuthor
Joined
Jun 2021
Messages
131

#5

why is BofA declining online business checking accounts now more frequently?

loryRecognized Voice
Joined
Jul 2020
Messages
863

#6

You want to check with Mercury bank, they are simple to work with and have a ultra high approval rate.

BofA is going to be stricter as Biden is taking a hard grip on all the tax evaders in the US, he need their money.

BrettSilvermanActive RecruitAuthor
Joined
Jun 2021
Messages
131

#7

lory said:

You want to check with Mercury bank, they are simple to work with and have a ultra high approval rate.

BofA is going to be stricter as Biden is taking a hard grip on all the tax evaders in the US, he need their money.

thanks, what's their policy on transactions from merchant account? meaning we are going to have $300+ coming in each day with occasional $30-$40 chargebacks hitting our bank account, would this raise flags with them? I wouldn't want to have my account frozen all of a sudden. Are they known for freezing accounts out of the blue?

BofA is much stricter now indeed, but I wasn't expecting being unable to open a business account with them at all, we've had several attempts with different companies

bonoxFake user - Alias of JohnLocke
Joined
Jun 2010
Messages
473

#8

Using Mercury bank for 2 years, didn't had a single issue with them.

JohnnyDoeSchrödinger‘s guy
Joined
Jan 2020
Messages
10,049

#9

bonox said:

Using Mercury bank for 2 years, didn't had a single issue with them.

Same here.
I also have a personal BoA account which I managed to open only because I know someone in there (sorry the guy won't open other accounts)

BrettSilvermanActive RecruitAuthor
Joined
Jun 2021
Messages
131

#10

I will definitely try out Mercury.
Still curious why BofA went so strict. Is it their KYC or some technical issue? I am using an outdated browser. Also, the 800 number I give to them is actually a virtual number, not a landline so perhaps that could factor in?

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