BankAccount < Org

Org Web>BankAccount (2023-12-13, BenScott) (raw view)
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)
Topic revision: r6 - 2023-12-13 - BenScott
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