Now that we're a real
LegalEntity, we're supposed to get a bank account.
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