What organizational documents do I need to open a bank account? Opening a bank account shows you’re really on top of your nonprofit’s money. Typically, you can open an account only after your nonprofit has been incorporated, has obtained an EIN, and has approved bylaws. Once you choose a bank, you will be turned away without the right organizational and personal documents. The board should meet to decide on which bank to use, and should record the decision in its organizational minutes. When you decide to start a nonprofit, the first step is not to rush to a bank to open an account. When can I open a nonprofit bank account? Again, calling ahead will save you a headache. You may also need additional paperwork, such as a Certificate of Authority to transact business across state lines. Most of the time, you need to physically walk into the bank to open an account, so be sure to make travel considerations.
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If your bank is located in a different state from which you live, or from where the nonprofit is registered, plan for additional cost and complexity. When you arrive at the bank, you’ll present your organizational and personal documents, sign the bank’s contract, and deal with any specific procedures by which your bank operates. Ask what documents you’ll need, and schedule a meeting. Many times, several individuals must be in attendance, including directors and officers. Shop around, as each bank has varying benefits and disadvantages. Have you covered all the bases? Make sure with our simple 13-point compliance checklist for nonprofits.įirst, your board should select a bank or credit union that is right for your nonprofit.