Setting up your fund bank accounts
Avestor has partnered with multiple banks to seamlessly create bank accounts for your fund. We selected these banks given their knowledge of dealing with the special requirements associated with private fund bank accounts, their client first focus and their advanced online & mobile banking capabilities.
Two bank accounts will be established – one for the Fund entity and one for the Manager entity.
Avestor will provide a customized bank questionnaire separately to you. Please fill out the questionnaire completely for each signer on the account to ensure that your bank accounts are opened correctly. The form also has a series of compliance questions that will need to be answered.
- Avestor provides the following options:
- We introduce you to multiple banking partners. You meet with them & select one.
- We select a banking partner for you and start the process.
- Avestor will provide a secure shared online folder where all of your information can be stored and shared with our private banker.
- The shared folder will include a Fund Bank Accounts Questionnaire to fill out. Each executive that is a signer on the bank account must fill out this form completely.
- Each fund executive that is a signer will need to upload images of the front and back of their drivers license to the shared folder.
- Avestor will add in the necessary legal documents, state incorporation documents & IRS EIN documents.
- The bank will then send the necessary bank forms to you for electronic signature. Follow instructions at the following page on how to fill out these forms: FRB form instructions.
- Deposit and opening balance of $1000.00 into each bank account to ensure that the bank accounts remain open until you have your first deal.
NOTE: After the bank accounts are opened, its important that you make an initial small deposit into both accounts within 30 days. This ensures that they are not closed by automated bank systems as zero balance accounts.