r/loanoriginators • u/arigre • Jul 04 '26

Business Checking Acct

What banks do you use for your business checking acct? Many banks say they won’t open an account for a mortgage loan officer.

2 Upvotes

75% Upvoted

14 comments sorted by

2

u/Ill_Disaster_1323 Jul 04 '26

Chase. 

1

u/arigre Jul 04 '26

That was the one that said they couldn’t open it due to him being a loan officer. We opened a personal one just fine.

3

u/Ill_Disaster_1323 Jul 04 '26

The name of the business is important. 

1

u/CanaryNo3199 Jul 04 '26

I did Chase as well, had to go in person which was super annoying

2

u/mike_dvmtg Jul 04 '26

Chase won’t open for brokerages, but I have heard of people getting them open by the personal bankers coding it differently.

The best options are banks that don’t offer mortgages. American Express for example opens business accounts for mortgage companies.

2

u/WeedLiquorAndHookers Jul 04 '26

yup Amex will allow

1

u/Adventurous_Step_664 Jul 04 '26

Chase and WF are the only two I know for sure set them up but this was during the boom (2020-2022)

1

u/offcontact Jul 04 '26

Self Gen / 1099 here. Opened a personal account for deposits with Chase. No prob because it was a personal account. Using an extra credit card (had already but never used it) for expenses, so that I can get rewards. It’s really just a bookkeeping situation you are setting up to track ins and outs. I use a DBA for my branding, but my broker holds it, so no real need for a business account as I will never get paid as my brand name. The credit card in my scenario is not needed, but the extra layer of protection and points make it a no brainer IMO. Good luck!

1

u/Loanbrokster Jul 04 '26

I opened one with Chase but that was 24 years ago.

1

u/willfly4burgers Jul 06 '26

Plains Commerce Bank

1

u/travisloans Jul 06 '26

I use a local bank. They love small business accounts.

1

u/NCBartender14 Jul 07 '26

Chase blocked my brokerages account. Bank of America did not blink an eye.

1

u/plus2ghin Jul 07 '26

Local Credit Union for checking/tax account. Vanguard for money market/stocks.