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. -- Main.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 * [[http://www.citizensbank.com/][Citizen's Bank]] * Branches include: Nashua, Portsmouth, Concord, Lebanon, Milford (not Peterborough), Keene, Lincoln (not Littleton), North Conway (not Jackson), Colebrook, Berlin * "[[http://www.citizensbank.com/bb/checking/business_green_checking.aspx][Business Green Checking]]" supposedly fee-free * [[http://www.tdbanknorth.com/][TD BankNorth]] * [[http://www.tdbanknorth.com/net/absearch/][Branches]] include: Concord, Contoocook, Conway, Dover, Keene, Laconia, Loudon, Manchester, Milford, Nashua, Salem * [[http://www.tdbanknorth.com/small_business/checking_non_profit.html][Non-profit option]] supposedly fee-free * We could park in the "Bank Customers Only" lot next to Martha's ;-) * [[http://www.eocean.com][Ocean National Bank]] * [[https://www.eocean.com/customer-service/general-info/regional-atm-locator.html][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) * [[http://www.stmarysbank.com/][St. Mary's Bank]] * Open to anyone in NH * "[[http://www.stmarysbank.com/business/checking/default.asp][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 * [[https://www.trianglecu.org/][Triangle Credit Union]] * Requirement: [[https://www.trianglecu.org/site/about_us.html][Residence]]; Merrimack county qualifies * "[[https://www.trianglecu.org/site/business_accts.html][Non Profit Checking]]" supposedly fee-free * Home in Nashua; branches in Manchester and Amherst * Several own [[https://www.trianglecu.org/site/contact_atm.html][ATMs]] in Nashua/Manchester area * Member, CO-OP ATM network * [[https://www.gscu.org/][Granite State Credit Union]] * Open to anyone in NH * "[[https://www.gscu.org/asp/products/product_2.asp][Community Checking]]" is supposedly fee-free for non-profits * Branches in Nashua, Manchester, Amherst, Candia, Seabrook * Member, SUM and CO-OP ATM networks * [[http://www.necu.org/][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 * [[http://www.servicecu.org/][Service Credit Union]] * Individuals only (no organizations) * Open to anyone in NH * "[[http://www.servicecu.org/checking-new.asp][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 * [[https://www.dcu.org/][Digital Federal Credit Union]] * [[https://www.dcu.org/infodesk/membrshp/eligibil.html][Requirement]]: community or org; we do not qualify * [[http://www.faaeasternregionfcu.org/][FAA Eastern Region FCU]] * [[http://www.faaeasternregionfcu.org/asp/membership.asp][Requirement]]: [[http://www.faaeasternregionfcu.org/asp/services/service_2_6.asp][Participating organizations]] (not us) * [[http://www.nhfcu.org/][New Hampshire Federal Credit Union]] * [[http://www.nhfcu.org/interior.php/pid/7/sid/35][Requirement]]: Participating organizations (not us)
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