[gaxisa]

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?

[Davincinc]

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..

[Kevin Henry-Seacoast]

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!

[Kevin Henry-Seacoast]

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.

[abfunders]

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.

[gaxisa]

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.

[abfunders]

Nope. www.axosbank.com

[Davincinc]

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.

[smurf]

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

[abfunders]

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

[smurf]

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?

[mistamca]

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?

[smurf]

Why do you like Mercury?

What are you using?

[abfunders]

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?

[smurf]

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?

[mistamca]

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

[abfunders]

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

[Michael I]

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

[knox]

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.

[alexsmith]

Tough situation! I'd recommend checking out smaller local banks or credit unions—they tend to be more flexible with business accounts.

[etci]

I have accounts with both Mercury and Capital One. Some funders won't accept a Mercury account to pay you. I told both Mercury and Capital One I was a broker and neither had an issue. Mercury has been just under 2 years and Capital One a year with no issues.

FYI - Mercury ACH payments are 2 days to the receiving bank. With Capital One it seems to be next day. I don't have checks for either accounts as I haven't needed them yet. Will likely have to get them ordered soon.

[kman]

Chase....

Just walk into a branch and lay it all out- as long as you're doing good revenue they will overlook anything