Setting up a bank account for your club is a smart move. A bank account allows payments to be directed to the club instead of an individual, giving a professional appearance to potential donors. The treasurer will have a better diagram of club expenditures and have better documentation of the club's financial status. The bank will require state-provided documentation detailing legal aspects of your club. Opening an account for your club is a simple process.
- Skill level:
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Things you need
- Employer Identification Number
- Certified copy of fictitious or trade name certificate
- Government-issued identification
Take the following information to a bank: a copy of the club employer identification number and a certified copy of your fictitious or trade name certificate. Have your identification ready, such as a driver's license or passport. You will need funds for the initial opening deposit. Contact the bank to inquire about opening deposit minimums.
Discuss desired account features with customer service representatives. Present your identification and, with the bank representative, complete the account application. List the employer identification number of the club on the account application. Submit your certified fictitious or trade name certificate. Fictitious or trade name certification allows the bank to accept transactions made out to your club. All documentation is placed in your bank file with your application.
Complete a signature card with the names and signatures of individuals authorised to execute financial transactions on behalf of the club. One of these people should be the club treasurer.
Make your initial account deposit, but remember that funds must be given time to clear. Clearance time depends on the funding method. Cash deposits are available immediately while checks and money orders made out to your club take about a week to clear.
Receive your account number instantly. In seven to 10 business days, you will receive additional information from your bank headquarters regarding your account.
Tips and warnings
- Contact the license and inspections office in your city or county for information on obtaining a fictitious or trade name statement.
- Contact the Internal Revenue Service for information on receiving an employer identification number.
- Update your account signature card as individuals with account authorisation changes.
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