Well Fargo Bank Demands LLC Change its Principal Address

Question:  I received a letter from Wells Fargo bank that said my new LLC’s principal address on file with the Arizona Corporation Commission cannot be 24 W. Camelback Rd, #467, Phoenix, AZ 85013.  That address is your address that our LLC uses only for Arizona Corporation Commission purposes.  Do I have to amend my LLC’s Articles of Organization to change the LLC’s principal address?

Answer:  The 24 W. Camelback Rd, #467, Phoenix, AZ 85013 is a UPS mail box. You are dealing with an idiot banker who is telling you that your LLC cannot have its principal address be a UPS mailbox or a PO box. Only an idiot would say that. In forming 8,700+ LLCs I can only remember one other person whose banker said the same thing. It is very common for businesses to have a PO box or a UPS mail box.

Arizona Revised Statues Section 29-2101.B states:  “The Articles of Organization must state. . . the [LLC’s] principal address, which may be the same as the mailing address of the company’s statutory agent.”  Arizona Revised Statues Section 29-3102.20 defines Principal Address as “the mailing address of a limited liability company or foreign limited liability company, whether or not located in this state.”

The bank has no legal basis to say that the LLC’s principal address cannot be 24 W. Camelback Rd, #467, Phoenix, AZ 85013, because that is KEYTLaw, LLC’s, mailing address and KEYTLaw, LLC is the LLC’s statutory agent.

Recommendation:  Go to another bank, but never use Wells Fargo, Bank of America or Chase Bank.