Spent two weeks getting docs together for a biz checking account. LLC cert, EIN letter, operating agreement, my driver's license, a utility bill, even a signed lease. Banker told me everything looked fine, then a week later I got a one-line denial email with no reason. I already turned down another bank because I thought this one was done. Is this normal?? What do I do now.
Banking
I submitted everything and still couldn't get a business account
Which bank? That matters a lot here. Some of them have internal lists and they won't tell you you're on one.
A one-line denial with no reason is also what you get from the automated fraud checks. If your address, phone, or even your IP at application doesnt match public records it can just die in review.
It's a regional bank, don't want to name them til I'm sure it's not something dumb I did. But yeah, no reason given. I applied online, not in branch. Maybe that was the mistake.
Been through this. For my second company I got de nied twice before a manager actually looked at it. Turned out the EIN letter PDF was fine but the system couldn't read the letterhead. Banker said 'it usually works' then admitted the scab quality matters. So it can be pure OCR garbage.
Ha, so the bank's own intake process is the problem and they blame you for it. Classic.
Call and ask specifically for the business banker who took your paperwork, not the general line. Ask for the denial reason in writing. They hate it bit you are entitled to know.
I'll try the branch person. Small update, I called this morning and the rep said the application is 'still in a status' and couldn't say more. Very reassuring.
Do you have any personal accounts with them? A lot of the smaller banks only want to open biz accounts for existing customers now. Or they run you through Chex and if anything on your personal file is weird it's a no.
Second the ChexSystems thing.I had a landlord deposit dispute years ago that I forgot about and it was still on there.
Honestly at this point just go to a local credit union. Mine opened my LLC account with less drama than a cell phone plan. Not as many features but I can actually talk to a person.
Not always. My credit union made me come back three times because the person who does business accounts only works Tuesday andd Thursday mornings.
Tuesday and Thursday mornings is a personality, not a schedule.
If you get denied again, don't just reapply somewhere else without finding out why. Two denials at different banks start to look like a pattern and the second bank may ask. Get the reason first.
This. And keep a copy of everything you submitted. I had to send the same lease three times because they kept 'not receiving' it. Screenshot the confirmation page too.
Good call on the copies. Going to the branch tomorrow with paper copies of everything and asking for the denial reason in person. Will report back if anything comes of it, thanks all.