Bank Choices

From Noisebridge
(Difference between revisions)
Jump to: navigation, search
Line 7: Line 7:
 
* Low fees
 
* Low fees
 
* Wire transfer rates: incoming/outgoing, domestic/foreign (esp. European)
 
* Wire transfer rates: incoming/outgoing, domestic/foreign (esp. European)
* Corporate credit cards for nonprofit officers
+
* Corporate credit cards/debit cards for nonprofit officers
 
* Ability to publish spending for all noisebridge members
 
* Ability to publish spending for all noisebridge members
 
* No-interest accounts
 
* No-interest accounts
Line 14: Line 14:
 
* Accept personal cheque deposits?
 
* Accept personal cheque deposits?
 
* Restrictions on who can open/hold the account (e.g. USAA military-only)
 
* Restrictions on who can open/hold the account (e.g. USAA military-only)
 +
 +
== What We Need To Open ==
 +
 +
This is from BankOfAmercia, please edit if other banks have different requirements.
 +
 +
# Employer Identification Number. We don't plan to have employees, but this is the number the IRS uses to track corporations, including non profits. We can obtain one online here: http://www.irs.gov/businesses/small/article/0,,id=102767,00.html
 +
 +
# Certificate of Incorporation or Articles of Incorporation
 +
# Corporate Resolution identifying authorized signers if officer names are not listed on Articles of Incorporation or Certificate of Incorporation
  
 
== Potential Banks ==
 
== Potential Banks ==
Line 19: Line 28:
 
Please contact your favorite bank, and add info here.
 
Please contact your favorite bank, and add info here.
  
'''Redwood Credit Union''':  [[User:adi]] has a personal account.  They are a CU, with the benefits that entails. Their [http://www.redwoodcu.org/business/business_deposit.html Business Plus Basic Checking] seems appropriate.  They have a branch on Van Ness Avenue just a block or two from City Hall.  They do have a $1k minimum balance requirement to avoid an $8 monthly fee (although they may waive it for "community organizations").
+
* '''Redwood Credit Union''':  [[User:adi]] has a personal account.  They are a CU, with the benefits that entails. Their [http://www.redwoodcu.org/business/business_deposit.html Business Plus Basic Checking] seems appropriate.  They have a branch on Van Ness Avenue just a block or two from City Hall.  They do have a $1k minimum balance requirement to avoid an $8 monthly fee (although they may waive it for "community organizations").
  
'''First Republic Bank''':  Cornfield Electronics, the company Mitch started to create TV-B-Gone, uses this bank.  With a minimum balance of $7,500, the account is free, with no fees ever, except for $25 to wire money out (wiring money in is free).  If the account goes below $7,500, everything is the same, but there is a monthly charge of $16.  $5,000 minimum needed to start an account.  Non-profit (even DBA's) can earn interest, but the interest in minimal unless the balance goes above $50,000.  The interest is optional.  People can be added and removed easily.  They will accept deposits any way available:  PayPal, personal checks, cash, direct wire, etc.  When Noisebridge becomes incorporated, we could start a new account, and transfer all money over.  (Accounts for DBA's and for corporations are the same.)
+
* '''First Republic Bank''':  Cornfield Electronics, the company Mitch started to create TV-B-Gone, uses this bank.  With a minimum balance of $7,500, the account is free, with no fees ever, except for $25 to wire money out (wiring money in is free).  If the account goes below $7,500, everything is the same, but there is a monthly charge of $16.  $5,000 minimum needed to start an account.  Non-profit (even DBA's) can earn interest, but the interest in minimal unless the balance goes above $50,000.  The interest is optional.  People can be added and removed easily.  They will accept deposits any way available:  PayPal, personal checks, cash, direct wire, etc.  When Noisebridge becomes incorporated, we could start a new account, and transfer all money over.  (Accounts for DBA's and for corporations are the same.)
  
 
First Republic will allow many signers for one account.  Each person needs to have all of their personal info:  SSN, DOB, mother's maiden name, address, phone, employer, etc.  Only one person needs to be present to open the account.  But others can be added to the account at the same time if the person present has all the necessary info for them.  Others can be added later, also.  I imagine that pretty much all banks are the same in these respects. (Mitch)
 
First Republic will allow many signers for one account.  Each person needs to have all of their personal info:  SSN, DOB, mother's maiden name, address, phone, employer, etc.  Only one person needs to be present to open the account.  But others can be added to the account at the same time if the person present has all the necessary info for them.  Others can be added later, also.  I imagine that pretty much all banks are the same in these respects. (Mitch)
 +
 +
* '''Bank of America''': Yes, they are evil. They also offer interest-bearing checking for nonprofits. No fees if above $7500 average monthly balance, otherwise $13/mo. Includes business check cards(debit cards), online banking, etc. http://www.bankofamerica.com/small_business/business_checking/index.cfm?template=business_interest_checking

Revision as of 15:14, 22 June 2008

This page collects information about potential banks for Noisebridge (a california non-profit to be created). From the information given here, Noisebridge will choose a bank.

Criteria

Things to ask about when choosing a bank, in no particular order.

  • Low fees
  • Wire transfer rates: incoming/outgoing, domestic/foreign (esp. European)
  • Corporate credit cards/debit cards for nonprofit officers
  • Ability to publish spending for all noisebridge members
  • No-interest accounts
  • Minimum balances?
  • PayPal link OK?
  • Accept personal cheque deposits?
  • Restrictions on who can open/hold the account (e.g. USAA military-only)

What We Need To Open

This is from BankOfAmercia, please edit if other banks have different requirements.

  1. Employer Identification Number. We don't plan to have employees, but this is the number the IRS uses to track corporations, including non profits. We can obtain one online here: http://www.irs.gov/businesses/small/article/0,,id=102767,00.html
  1. Certificate of Incorporation or Articles of Incorporation
  2. Corporate Resolution identifying authorized signers if officer names are not listed on Articles of Incorporation or Certificate of Incorporation

Potential Banks

Please contact your favorite bank, and add info here.

  • Redwood Credit Union: User:adi has a personal account. They are a CU, with the benefits that entails. Their Business Plus Basic Checking seems appropriate. They have a branch on Van Ness Avenue just a block or two from City Hall. They do have a $1k minimum balance requirement to avoid an $8 monthly fee (although they may waive it for "community organizations").
  • First Republic Bank: Cornfield Electronics, the company Mitch started to create TV-B-Gone, uses this bank. With a minimum balance of $7,500, the account is free, with no fees ever, except for $25 to wire money out (wiring money in is free). If the account goes below $7,500, everything is the same, but there is a monthly charge of $16. $5,000 minimum needed to start an account. Non-profit (even DBA's) can earn interest, but the interest in minimal unless the balance goes above $50,000. The interest is optional. People can be added and removed easily. They will accept deposits any way available: PayPal, personal checks, cash, direct wire, etc. When Noisebridge becomes incorporated, we could start a new account, and transfer all money over. (Accounts for DBA's and for corporations are the same.)

First Republic will allow many signers for one account. Each person needs to have all of their personal info: SSN, DOB, mother's maiden name, address, phone, employer, etc. Only one person needs to be present to open the account. But others can be added to the account at the same time if the person present has all the necessary info for them. Others can be added later, also. I imagine that pretty much all banks are the same in these respects. (Mitch)

Personal tools