What is the easiest way to open a checking account for your Solo 401k trust?
It is no secret that the financial services industry is slipping in customer service. Our clients have opened checking accounts for their Solo 401k trusts at many banks. Based on client feedback, we have found that the only way to avoid potential problems is to use one of our recommended bankers:
Most banks are likely to make a simple, easy situation become complex and difficult. Our recommended bankers are experienced and can set up a checking account for your new Solo 401k trust right away.
No support for other banks or bankers
Attempting to open a bank account for your trust with anyone other than our preferred banker may result in dealing with an under-trained or misinformed bank employee who can make the process complicated and difficult. We cannot provide individualized support for this situation.
Instead, we recommend going to our recommended banker. They understand how the account should be set up and are already familiar with our plan documents.
If you choose to go to another banker and run into difficulties, your options include:
- Open an account with our preferred banker instead, or
- Search our help center for “bank” and read all related articles in order to learn how to overcome problems stemming from misinformed/under-trained bank employees
With an account opened at our preferred bank, you’ll be able to handle virtually anything through online banking as well as the toll-free customer service telephone number.
Remember, the Solo 401k trust checking account is not like your personal or business bank account. You will not have similar in-branch needs, such as frequent ATM withdrawals or cash deposits that need to be credited instantly. For the Solo 401k trust checking account, the online banking and the toll-free customer service telephone number should be able to fulfill all banking needs for the 401k.
For example, with online banking you’ll be able to:
- View statements
- View recent activity
- Transfer funds
- View, edit your contact information
- Order checks
- Deposit checks
- Stop payment on a check
- Order cashiers checks
- Order foreign currencies
- Set and change a variety of preferences (message & alert delivery, etc)
If you do not already have a bank account setup for your Solo 401k and would like to work with our preferred banker, please check the Bank Account Set Up Instructions for updated contact information.