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Hey All. Easy question for you today. I am in the process of starting my own non profit around Lights.Camera.Help. and we need some help. What bank should we use? What bank does your non profit use? What’s important for us to look for in a bank? The first 5 responses will win a prize from our non profit prize closet.
Let me know in the comments below!
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Comments
07.02.09
Hi David! You could consider using a credit union rather than a bank. A credit union is a non profit financial institution. They can offer almost every service that banks offer, but the "stockholders" are their members. So the money that the credit union makes comes back to the members in the forms of lower rates and I think, better service. Most credit unions offer business services and are very helpful when it comes to setting up new accounts and getting started with the business. I highly recommend it. I've worked in the credit union industry for over 5 years now and I wouldn't bank anywhere else. If you need any more information, feel free to contact me. Good luck!!
07.02.09
I use TD Bank, however I must say I am biased. I play hockey with a guy who works at TD Bank and when we went to set up Checking For Charity they gave us free business banking services. It has easy online access and basic services. Good luck.
Matt
07.02.09
As a student of nonprofit management, we are strongly encouraged to use a tried and true, well-established bank when first starting out, to ease the minds of our donors and anyone else who will be working with us. Even if the local bank can get you better perks, until you're really up and running, Chase Bank is a safer bet to your donors than the 1st Bank of Your Town Here. I don't have a nonprofit myself, but those are the suggestions we're given:)
07.02.09
Hi David,
I work for United Way and we have used Bank of America for years. Good luck!
07.02.09
This post is from my old nonprofit operations blog but should answer some of your bank selection questions, however I would select any major bank that is still doing well in the economy, Wells Fargo, B of A, or Citibank.
"You can get a Wells Fargo business credit card with just your nonprofit tax-id number. You don’t even have to have a bank account there. You do have to have positive net income on your 990 form from the previous two years, which may be challenging for some nonprofits who receive multi-year grants so one year net income is positive and another year it is negative.
Each Citibank branch gives money to local nonprofits so it is good to establish a relationship with your local Citibank branch manager. In addition, Citibank has a great benefit and gives employees of any small business free financial planning and seminars through Citipro.
Bank fees are the killer, all banks have a minimum balance for Business Checking and Savings Accounts. Choose one bank and stick with it. I have hesitations about choosing small local banks, they may say they work with nonprofits in reality they are just saying that in hopes to get your business."
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