I was advised to set up a specific bank account for my LLC, which I did. Unfortunately, the mobile app never functioned properly, and I spent countless hours trying to get it to work. While the website was operational, I found no option to deposit checks. When I searched for deposit locations, I discovered that there were no branches within 400 miles, leading me to open an account at a different bank. I believe the account is still active, but I have struggled for weeks to close it.
Additionally, I attempted to carry out an in-kind distribution. They insisted that it required four deeds instead of one, claiming it was an IRS mandate, which it is not. They also stated that I couldn't perform an in-kind distribution of more than 49%, again citing IRS rules that don't actually exist. The new custodian does not have this limitation. It seems they have a significant control issue and often misinterpret compliance requirements. During my attempts to complete the distribution, I received conflicting information from representatives, with one saying it was impossible, another suggesting I just needed to fill out a form, and the final approver lacking clarity on deed requirements. They expect you to draft the deeds or have them prepared, yet they don’t provide guidance on the necessary content. This custodian has proven to be very difficult to deal with, filled with misinformation.
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