All banks are not created equal and with all the choices available, it’s important to select one that works for your organization. It’s a huge hassle to change banks so picking a financial institution that will grow with your organization will eliminate headaches down the road.
Q. Should I choose a local or national bank?
Is your team now, or will it be, working remotely? If yes, would staff or contractors need to use branch services such as withdrawing cash? National banks with many branches are often the best choice for distributed teams.
Q. Does the bank have mobile deposit?
If you have a handful of checks per week or month and don’t process much cash, look for a bank that offers mobile deposit but double check that the daily limit on the number of transactions and/or the amount of daily deposits fit within your current needs as well as allowing room for growth.
This is especially helpful if you have remote staff or contractors making deposits.
Q. How many branches does the bank have?
Efficiency is key in the nonprofit world so if your organization uses branch services often, consider the distance and time required to do your banking.
Q. What’s the daily limit on the number/amount of transactions per day?
Prevent unhappy donors or event attendees by ensuring you’re using a large enough bank that will process as many transactions as you’ll need.
Q. Does the bank have experience with nonprofits?
Nonprofit bank accounts are essentially the same as other accounts from the bank’s perspective but it will be easier for everyone if you don’t have to explain to the banker that nobody “owns” a nonprofit, for example. Check the bank’s website. If they have clear instructions for how to open a nonprofit account including the list of documents that will be required to do so, that’s a bank who’s used to working with nonprofits.
Q. Does the bank offer wire transfer services?
This is an important one. If you work with any international parties such as speakers or grant recipients, you’ll need wire transfer services. Additionally many companies prefer to transfer money to your organization via wire transfer rather than by check.
Q. How easy is it to get customer service support?
How often is customer service available? Is it available by phone, chat, email? How easy is it to get an appointment with a banker?
Q. What support is available for international travel?
If you have staff traveling internationally in support of your mission, what help can they expect from your bank for transactions, lost credit cards, etc? Is there online support such as WhatsApp customer service?
Q. Can you get credit cards through the bank?
Debit cards aren’t a great solution for organizations so does the bank offer credit cards on the account?