This page collects information about potential banks for Noisebridge (a DBA to be created). From the information given here, Noisebridge will choose a bank (at our next meeting?).
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 for DBA members and reports
- No-interest accounts
- Rules for DBA - how to set up, what if DBA member changes
- Minimum balances
- PayPal link OK?
- Accept personal cheque deposits
- Restrictions on who can open/hold the account (e.g. USAA military-only)
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)