Help-How can I set up a business checking account for my new coin business?
I've recently set up my coin business. I've jumped through every hoop imaginable here in California in order to be legitimate including Business License, Resellers Permit, State Department of Justice background check so I can buy scrap jewelry, sales tax authorization and finally Fictitious Business Name filing. I also have my Anti-Money Laundering Plan. And I have a great Point of Sale system tied in with my website. I'm a PCGS and NGC authorized dealer and have also attained that status with Heritage and Upstate Coin amongst others. Last thing I need is to open up a basic checking account. I even have the correct SIC code for our type of business which is 596104 which is for Stamps, Coins & Collectables.
I've been to four banks and credit unions and have been denied at every turn. My credit rating is over 800 and there are no flags, no convictions, nothing in my personal history. I just want a basic checking account but no one wants to do business NOW with a coin dealer. The excuse I'm given is new policy as it relates to money laundering and coin dealers are grouped in with cash servicing industries and banks want no part of cash heavy businesses due to the risk. To say I'm frustrated is putting it lightly.
I want to be completely legitimate. I could open a personal account using my PO Box as the address but then I'd have to ask other dealers to write checks out to me personally, not to my business. I even went to a bank that a local shop that I do a lot of business with referred me to and was denied under this new policy.
My goal was to have a local brick and mortar bank that my clients could take the check to. My thinking was that many folks over 70 don't know how to deposit checks with their smart phones and prefer to take a check to an actual brick and mortar bank they have heard of. Thus, I'm not inclined to go with an online only bank like USAA which I do all my banking with.
Has anyone recently started a coin business and been able to legitimately set up a business checking account? If so, with whom? Please don't tell me about any legacy accounts as that is not helpful unfortunately.
Either a reply to this or a PM or an email to [email protected] would be awesome.
Thank you shipmates.
Coast Guard Craig
Looking for Denmark 1874 20-Kroner. Please offer.