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03-11-2019, 03:15 PM #1
Best Bank for Brokerage
Good day all.
BofA just realized I was running an MCA brokerage firm and is closing my account in 3 weeks. Why they even allowed me to open one is neither here nor there, but which bank do you guys use for your ISO shop?Gary Axisa
Blue Streak Capital, Inc.
PM me for my email
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03-11-2019, 03:23 PM #2
- Join Date
- Dec 2015
- Location
- Texas
- Posts
- 552
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03-11-2019, 03:30 PM #3
- Join Date
- Mar 2015
- Location
- Boynton Beach
- Posts
- 3,508
Kevin Henry
VP-Business Development
Seacoast Business Funding, a division of Seacoast Bank
561-850-9346
Kevin.Henry@SeacoastBF.com
1880 N Congress Ave., Suite 404
Boynton Beach, FL 33426
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03-11-2019, 03:40 PM #4
- Join Date
- Mar 2015
- Location
- Boynton Beach
- Posts
- 3,508
Kevin Henry
VP-Business Development
Seacoast Business Funding, a division of Seacoast Bank
561-850-9346
Kevin.Henry@SeacoastBF.com
1880 N Congress Ave., Suite 404
Boynton Beach, FL 33426
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03-11-2019, 03:50 PM #5
- Join Date
- Feb 2017
- Posts
- 3,463
Axos Bank (used to be BofI Federal Bank)
They actually fund the WBL deals in states that WBL doesn't have a lender's license that WBL then buys off of them which Axos services.
Free incoming wires! Mobile app stinks, website stinks worse, but it gets the job done.
The BillPay feature is really usefully if you want to send out ACH to your personal accounts or pay ISOs/employees, $5000/day limit.
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03-11-2019, 04:11 PM #6
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03-11-2019, 04:14 PM #7
- Join Date
- Feb 2017
- Posts
- 3,463
Nope. www.axosbank.com
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03-11-2019, 04:27 PM #8
- Join Date
- Dec 2015
- Location
- Texas
- Posts
- 552
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03-06-2024, 01:35 PM #9
- Join Date
- Oct 2023
- Posts
- 20
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03-06-2024, 01:38 PM #10
- Join Date
- Feb 2017
- Posts
- 3,463
Try Mercury. They've been really good to me.
Also, if you use my affiliate link, we can both get $250.
https://mercury.com/r/otbcapital
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03-06-2024, 01:41 PM #11
- Join Date
- Oct 2023
- Posts
- 20
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03-06-2024, 01:45 PM #12
- Join Date
- Feb 2019
- Posts
- 209
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03-06-2024, 01:46 PM #13
- Join Date
- Oct 2023
- Posts
- 20
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03-06-2024, 02:04 PM #14
- Join Date
- Feb 2017
- Posts
- 3,463
You have to walk into a branch to sign up for Chase which is $25/wire and $2.50 for next-day ACH (until you get that waived...)
- Mercury was a 100% online application. They had a set of questions, I answered, they approved.
- Free inbound/outbound wires, no "extra verification" like Chase on first-time payees
- ACHs clear on the same day by EOD rather than waiting until next day
- UI/UX is incredibly smooth and the app and website are almost identical
- They accepted me without changing who I am. I'm a broker, it says so on my website and LinkedIn, and they were fine with that, as long as I wasn't managing other people's funds in the account and it was an operating account
- Keep a balance in the account, they have a debit card that has 1% cash-back
- Virtual debit card creation on the fly
I was using Brex before Mercury, and they were great too with 1.5% cash back on their debit card, but they cancelled a lot of non-startup accounts, and I was one of them, and I found Mercury and I have been very happy. They recently started with this $250 affiliate link thing, so why not use it?
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03-06-2024, 02:18 PM #15
- Join Date
- Oct 2023
- Posts
- 20
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03-06-2024, 04:30 PM #16
- Join Date
- Feb 2019
- Posts
- 209
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03-06-2024, 05:00 PM #17
- Join Date
- Feb 2017
- Posts
- 3,463
Someone sent me a check to my virtual address. Instead of mailing it to me, I figured I'd just print it out and deposit with the app. They didn't like that. (I used my backup bank, Axos, to deposit it, but their situation over there is horrific.... locked out of the account when I travel, horrible UI/UX, horrible app....)
Their customer service takes a bit longer to respond than I'd like sometimes (I don't need them much), but they do take interest when they respond and they are truly helpful.
Oh, this is annoying: You have to put a business address in for ACH transfers. You can put any address you want in, but ACH transfers don't need an address! Not only that, it has to be an address that's verifiable with a 3rd party system and someone I sent an ACH to, I couldn't verified! I just put in my home address and it worked. Whatever.
You also probably can't be a funder on their platform.
Lastly, and this is "obviously" (tongue in cheek) the most important thing. You probably won't get an MCA for yourself if you bank with them unless you go with Greenbox
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03-06-2024, 05:09 PM #18
- Join Date
- Jun 2015
- Posts
- 3,326
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06-16-2024, 08:46 AM #19
- Join Date
- Aug 2021
- Posts
- 5
If you have a First Citizens Bank in your area, they're super easy to work with. No complaints, have been with them for almost 4 years.
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07-19-2024, 02:55 AM #20
- Join Date
- Jul 2024
- Posts
- 13
Tough situation! I'd recommend checking out smaller local banks or credit unions—they tend to be more flexible with business accounts.
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