Posted by osupsycho (OK) on June 07, 2006 at 19:55:39:
Jeff,
That is one reason why I have individual accounts for each of my homes. The buyer only has the details of their account and as soon as the payment goes in I transfer it into my main business account via online banking (BTW I love online banking). That way there is never more than $1 in the account for them to get ideas about(have to have something in there to hold the account open).
Jad
Bank account recommendations for MH business… - Posted by MB(Ga)
Posted by MB(Ga) on June 06, 2006 at 09:33:37:
I was curious if their was a bank that was friendly to MH investors, deposits by buyers, etc?
I considered my credit union, but they are not in my investing area so may be difficult in regards to payments from buyers. WAMU is popular in this area, anyone done business with them?
Bank account recommendations for MH business… - Posted by osupsycho (OK)
Posted by osupsycho (OK) on June 06, 2006 at 19:10:36:
Well I would agree with all that Tye and Steve say. I use Midfirst Bank because it is the bank I have always used and they have been great to work with. I use online banking and can move money around instantly. They actually helped me set up individual accounts for each of my homes so I can track each one individually. They are also completely free accounts so it costs me nothing. The other nice thing is the local branch is in Walmart so I know that my buyers pass by it on at least a weekly basis…
Jad
Re: - Posted by Steve-WA
Posted by Steve-WA on June 06, 2006 at 17:32:30:
depends on what you want from your bank - I would be picking one that was easy for my buyers to access, i.e., many branches, because I issue deposit slips and require my buyers to make their payment by deposit only
ideal would be a small local bank that had lots of branches and was a portfolio lender
Re: - Posted by JeffB (MI)
Posted by JeffB (MI) on June 06, 2006 at 19:50:55:
I use TCF Bank which has a bazillion branches local to me, is entirely free, and is open late every night plus is open Sat and Sun. So no excuse whatsoever for buyers not to make the deposit by the deadline.
One downside is I have noticed they do not check my identification (ever) so theoretically a buyer could make a check deposit into my account and ask for some cash back (all the while writing a bad check). Ryan (NC) gave me the great idea of having a fraud alert instituted on my account so that this can never happen. I just need to GOTC and visit my local branch.
Re: Bank Account Recommendations - Posted by Sailor
Posted by Sailor on June 06, 2006 at 18:15:20:
Since I don’t use mortgages, my only criteria in choosing a bank were (1) free checking, & (2) proximity. Those bank charges can be killers, so comparison shop if you have a choice. If your park is small, you don’t need a biz account. My account is in the name of my trust & is treated as a personal account. One thing to check is whether or not you get your checks returned. After opening my account on verification I’d get check copies I was distressed to discover those copies were tiny enough to require a magnifying glass. They also copy on both sides of the paper, so I can’t cut out the checks & file separately. It has been annoying enough than a bank change is on my To Do list. Caveat: many accounts advertised as “free” are not.
Tye