A few tips to know when looking for a Bank Account for your nonprofit
Recently one of the organizations that Aspiration fiscally sponsors asked me questions about finding a bank account. Here are a few tips, I told her.
You can get a Wells Fargo business credit card with just your nonprofit tax-id number. You don't even have to have a bank account there. You do have to have positive net income on your 990 form from the previous two years, which may be challenging for some nonprofits who receive multi-year grants so one year net income is positive and another year it is negative.
Each Citibank branch gives money to local nonprofits so it is good to establish a relationship with your local Citibank branch manager. In addition, Citibank has a great benefit and gives employees of any small business free financial planning and seminars through Citipro.
Bank fees are the killer, all banks have a minimum balance for Business Checking and Savings Accounts. Choose one bank and stick with it. I have hesitations about choosing small local banks, they may say they work with nonprofits in reality they are just saying that in hopes to get your business.