Bank Account criteria
From Protospace
These are rough requirements for what we want out of a corporate bank account, in no particular order, adapted from [Noisebridge's Bank Choices]
- Low fees (discount for being non-profit?)
- Ability to easily publish spending report to members
- Debit card(s) for board members to purchase supplies & pay bills
- No Interest on balance
- Low minimum balance?
- Ability to write cheques (for paying rent, bills)
- Ability to accept personal cheques as deposits
- Ability to accept cash debosits
- Ability to accept PayPal payments as deposits
Questions to ask:
- What is required to set up the account. Most likely a board will need to be formed, a copy of the bylaws will be required, and meeting minutes (signed by board members) stating that the account needs to be created will be required.
- Who will be given cheque signing authority
- What is required to change who has cheque signing authority
- Where the mail from the bank will be delivered and who has access to it
