Traditional Banks, for the most part, have a reputation of being reluctant to work with credit repair businesses. If you own or are starting a credit repair business, finding a bank willing to work with your business type is important. Without a business bank account, you will not be able to set up merchant services, accept eChecks, or other forms of non-cash payments in your business name. Think about that for a moment, do you really want to ask potential clients to pay you personally? Not only does it look unprofessional; mixing business and personal funds is a bad idea, Finding the right bank for your business is the best option. But are there any large banks located in the USA that are Credit Repair friendly?
It should be said that some banks view the credit repair business model as a “high-risk industry”. This is because years ago, credit repair companies had a sketchy reputation. The industry included too many bad apples that promised fast, easy results – charging large fees in advance of service. Despite this not being the industry norm today, many openly state their dismissal of credit repair services.
Many banks, and credit unions, on the other hand, are actively supportive of the credit repair industry. These banks allow credit repair organizations to open business accounts.
What Banks are Friendly to Credit Repair Businesses?
If you are worried that your bank may close your business checking account due to conducting business for credit repair services, here are the banks we’ve seen many credit repair businesses work with successfully.
- Wells Fargo
- Bank of America
- TD Bank
- Regions Bank
As a leading provider of eCheck payment services to the credit repair industry, we have worked with hundreds of credit repair business and their financial institutions. In addition to the national banks listed above, we find many regional credit unions and community banks are eager to work with credit repair merchants. Please feel free to contact us, for help with finding banking options in specific your area.