Let me know what details I need to add.

I created an LLC with a friend. It is mostly dormant. Will we do anything with it down the road? Maybe.

As part of this LLC formation in 2021, I opened a business checking account and he has access to it, but never accesses it.

I have a debit card for it, and the bank account is the same name as the LLC.


Now fast forward and since it's dormant, and I want to have my own LLC (With my wife), do I need to create a new account at the bank? Or can I rename/repurpose the existing account and have my friend remove himself from it?

It seems silly to have so many accounts, and I'd prefer to use the account existing for the new LLC, but I assume the bank account and the LLC are tied together?

Each account is based on the legal description and ownership of the entity. I won't speak for ALL banks, but none i'm familiar with would allow an account to be renamed from one entity to another.

Got it. So I will open a new one, and keep the minimum amount in the first one to avoid paying any fees, etc.

Correct. Recently tried to get a BoA LLC renamed to the new LLC/S-Corp and they said I had to create a new account (which essentially lost them the business as I just went elsewhere rather than stick with BoA).

Any recommendations for banks that work well with small businesses? I'm using a small bank now that I am about to outgrow.

Ron Murkundy said:

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Any recommendations for banks that work well with small businesses? I'm using a small bank now that I am about to outgrow.

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Where are you located?

Ron Murkundy said:

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Any recommendations for banks that work well with small businesses? I'm using a small bank now that I am about to outgrow.

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I like Schwab. They're known for brokerage services but their bank is great too.

OldArmyCT said:

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Proposition Joe said:

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Correct. Recently tried to get a BoA LLC renamed to the new LLC/S-Corp and they said I had to create a new account (which essentially lost them the business as I just went elsewhere rather than stick with BoA).

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So they told you you had to open a new account, that pissed you off so you opened a new account elsewhere? I guess you showed them.

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Point was they likely could have at least made it a little more turnkey "Can't change the name of the account but we can have you a new one setup with the new business name/EIN today, we just need the new name.", but instead I was funneled back to new account setup, 2-3 days, blah blah blah.

So instead I opted for a bank that offered high-yield business accounts.

cgh1999 said:

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Ron Murkundy said:

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Any recommendations for banks that work well with small businesses? I'm using a small bank now that I am about to outgrow.

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Where are you located?

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NW Houston

Ron Murkundy said:

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cgh1999 said:

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Ron Murkundy said:

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Any recommendations for banks that work well with small businesses? I'm using a small bank now that I am about to outgrow.

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Where are you located?

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NW Houston

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I'm a "retired" banker in the area. Happy to visit about your situation and make a couple of introductions.

Could you explain this to me please?

I have a brokerage account with Schwab for personal investments.

If Schwab doesn't offer business checking accounts, how and why would I use a Schwab brokerage account to manage my LLC ?

Thanks for teaching me things I wish I knew before I was 35

I've used Prosperity for several personal accounts and on a few non-profits (that are basically business accounts) for many years. They have always been easy to work with. Very personal at the locations I've been to. Some of the treasury service like ACH seem a little behind the times but I don't have experience with many other systems.