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  1. #1
    Senior Member Reputation points: 6639 gaxisa's Avatar
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    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

  2. #2
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    Quote Originally Posted by gaxisa View Post
    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?
    wellsfargo, just dont tell any of them your a broker or lender, also your business name should not be loan related. id yourself as a consultant or a business solution provider..

  3. #3
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    Quote Originally Posted by Davincinc View Post
    wellsfargo, just dont tell any of them your a broker or lender, also your business name should not be loan related. id yourself as a consultant or a business solution provider..
    Because lying or deceiving an FDIC insured institution is always a great idea....SMH!
    Hedley Lamarr......That's Hedley

  4. #4
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    Quote Originally Posted by gaxisa View Post
    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?
    I would suggest you look seek a community or regional bank in close proximity to your Company.
    Hedley Lamarr......That's Hedley

  5. #5
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    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.

  6. #6
    Senior Member Reputation points: 6639 gaxisa's Avatar
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    Quote Originally Posted by abfunders View Post
    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.
    Did you mean Axis? That'd be perfect considering my last name lol.
    Gary Axisa
    Blue Streak Capital, Inc.
    PM me for my email

  7. #7

  8. #8
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    Quote Originally Posted by kevinhenry0527 View Post
    Because lying or deceiving an FDIC insured institution is always a great idea....SMH!
    saying your a consultant isnt lying, your just have to identify yourself differently then a CAPITAL Funds provider. cuz in most cases your just a broker who consults businesses.

  9. #9
    Quote Originally Posted by gaxisa View Post
    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?
    Which bank did you end up going with? going through the same issue now!!! thank you

  10. #10
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    Quote Originally Posted by smurf View Post
    Which bank did you end up going with? going through the same issue now!!! thank you
    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

  11. #11
    Quote Originally Posted by abfunders View Post
    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
    as a consultant?

  12. #12
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    Quote Originally Posted by abfunders View Post
    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
    Why do you like Mercury?

  13. #13
    Quote Originally Posted by mistamca View Post
    Why do you like Mercury?
    What are you using?

  14. #14
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    Quote Originally Posted by mistamca View Post
    Why do you like Mercury?
    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?

  15. #15
    Quote Originally Posted by abfunders View Post
    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?
    How long have you been using them?
    How do you like their online services?

  16. #16
    Senior Member Reputation points: 24994
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    Quote Originally Posted by abfunders View Post
    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?
    I'm not throwing shade w the affiliate link. I'm in the market and if I like them, then I'll use the link bc I won't turn away free money. What are your complaints about them? There has to be something

  17. #17
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    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

  18. #18
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    Quote Originally Posted by abfunders View Post
    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.
    you can do it as transfer and able to do 100k limit at start

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