(1) They strongly recommended a Capital 1 bank account for my LLC, which I set up. Then, the phone app did not ever work, spent hours trying to get it set up. The website worked, but no way to deposit checks. Then I tried to find out where I could deposit a check. At a branch... Yeah, no branches within 400 miles. So I opened account at another bank. I think the C1 account is still open but I tried for weeks to close it.(2) Trying to do an in-kind distrubution. To accomplish what I want, they insisted that it required FOUR deeds rather than one. They insist it is an IRS requirement. Um, no. It is not. Then they said I could not do an in-kind distribution of more than 49%. IRS requirement. Again, NO. New custodian does not have this rule. Hmmm...These people have an overzealous control issue and compliance issues. They claim things to be IRS requirements so you are less likely to push back on them. In the course of trying to do this in kind distribution, I was told by one rep that it was impossible, then by another that I just had to fill out a form, and then by the person who actually OKs it, seems to not understand how deeds work. They want YOU to draft the deeds, or have them drafted, but they don't know what should be in them. They recommend quit claim deeds ... This custodian has been extremely hard to work with and is rife with misinformation.
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