follow-up to my sole-prop-to-LLC thread. formed the LLC last week. tried to open a chase business checking — denied. tried wells fargo — denied. only mercury accepted me. my personal credit is fine. is this normal?
chexsystems history. if you've had any account closures, returned items, or unpaid fees in the last 5 years, big banks deny new applications. mercury and brex are more lenient.
request your chexsystems report (free annually) to see what's flagging.
also: try local credit unions. they're way more flexible than chase/WF. or use a fintech (mercury, brex, novo) which doesn't run chexsystems.
mercury is fine. used by lots of LLCs. just be aware it's not FDIC-insured directly — they do partner banking. for a single-member LLC keeping moderate balances, that's usually fine.