Banking needs

We're basically just looking for a checking account. Doesn't have to earn interest. Don't care about bells-and-whistles. We just need a place to put a (very) little money, and the ability to write checks against that.

Bank selection criteria

• Must be fee-free; we cannot afford anything else
• At least one local branch; the more, the better
  • "Local" means something different to Nashua GNHLUG than to Hanover LUG: grudging, we might work with a bank with only one location in Manchaster; ideally, we'd have a bank within a short commute to every town.
    • Yes, that's what "at least one local branch" means. At least one branch local to a LUG. "the more, the better" means more branches local to LUGs is better. -- BenScott - 03 Nov 2007
• Should be friendly towards non-profit orgs
• Good customer service is always a plus

Formal requirements checklist

• our qualifications
  • NH registered non-profit
  • no IRS 501(c) status as of yet
• features
  • two-signature checks?
    • is signature authorization enforced?
  • pool of possible signatories?
  • option to waive any interest?
• account requirements and costs
  • how much do checks cost?
  • minimum balance?
  • initial fees?
  • reoccurring fees?
  • transaction limits/costs?
  • other requirements/costs?
• procedure to open account?
  • everyone in person vs one guy couriering forms
  • documentation needed?

Candidates

Big banks

• In general, these tend to have:
  • Poorer customer service
  • More branches/ATMs
  • More sophisticated services available (but we are unlikely to need any)
• Bank of America
  • All published options charge fees
• Citizen's Bank
  • Branches include: Nashua, Portsmouth, Concord, Lebanon, Milford (not Peterborough), Keene, Lincoln (not Littleton), North Conway (not Jackson), Colebrook, Berlin
  • "Business Green Checking" supposedly fee-free
• TD BankNorth
  • Branches include: Concord, Contoocook, Conway, Dover, Keene, Laconia, Loudon, Manchester, Milford, Nashua, Salem
  • Non-profit option supposedly fee-free
  • We could park in the "Bank Customers Only" lot next to Martha's ;-)
• Ocean National Bank
  • Branches in southern NH; affiliates in ME, VT, and ME
    • Including: Amherst, Concord, Dover, Exeter, Keene, Manchester, Milford, Nashua, Peterborough
    • Nothing North of Concord, though
  • For non-profit org: No monthly fee; large number of free transactions; no minimum balance; two-signature checks

Local credit unions

• In general, these tend to have:
  • Better customer service
  • Fewer branches/ATMs
  • Some form of membership requirement (but sometimes quite easy)
• St. Mary's Bank
  • Open to anyone in NH
  • "Community Checking" plan is supposedly fee-free and interest-bearing, though interest could be waived.
  • Home in Manchester; branches in Manchester (3), Nashua, Hudson, Londonderry, Milford
  • Member, CO-OP and SUM ATM networks
  • Web site has trouble in Firefox
• Triangle Credit Union
  • Requirement: Residence; Merrimack county qualifies
  • "Non Profit Checking" supposedly fee-free
  • Home in Nashua; branches in Manchester and Amherst
  • Several own ATMs in Nashua/Manchester area
  • Member, CO-OP ATM network
• Granite State Credit Union
  • Open to anyone in NH
  • "Community Checking" is supposedly fee-free for non-profits
  • Branches in Nashua, Manchester, Amherst, Candia, Seabrook
  • Member, SUM and CO-OP ATM networks
• Northeast Credit Union
  • Open to anyone in NH
  • Home in Portsmouth; branches in Manchester, Concord, Exeter, more
  • Several own ATMs in areas served by branches
  • Member, SUM and CO-OP ATM networks
  • Published services would involve fees, but no mention of non-profit org plan

Disqualified

• Service Credit Union
  • Individuals only (no organizations)
  • Open to anyone in NH
  • "Service Checking" supposedly fee-free, no-min-bal
  • Home in Portsmouth; branches in Portsmouth (4), Manchester, Bedford, Salem (2), several more
  • 15+ own ATMs in the area
  • Member, SUM and CO-OP ATM networks
  • Poor Nashua presence
• Digital Federal Credit Union
  • Requirement: community or org; we do not qualify
• FAA Eastern Region FCU
  • Requirement: Participating organizations (not us)
• New Hampshire Federal Credit Union
  • Requirement: Participating organizations (not us)