Entrepreneurship & Small Business

Bank Account for Youth Group/Not For Profit Organization

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  • Oct 6th, 2015 10:46 pm
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Deal Addict
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May 24, 2006
2040 posts
26 upvotes

Bank Account for Youth Group/Not For Profit Organization

I ran a search and could not find anything and I may even be in the wrong forum, but any help would be greatly appreciated.

We are looking for a no fee bank account for our long running youth group. Our current treasurers are stepping down and handing over a cheque with our balance. We would like to open a new account, we are open to treasurer accounts with co-signing, but the details are the names of the signers may change from time to time.

At any given time, we have <$1500 in our account and as we host retreats and monthly-quarterly events we may take in and spend amounts <$10000. Is there any bank that provides this service.

Also we are a group of 21-25 year olds running programs for 15-25 year olds.

Thanks in advance,
Hopelessly trusting in RFD to bail me out :)
16 replies
Deal Addict
Dec 18, 2007
1258 posts
26 upvotes
I'm pretty sure most banks offer no-fee services for non-profits. I could be wrong though.
Deal Addict
Aug 28, 2007
2167 posts
539 upvotes
Calgary
I've been volunteering with community associations and Air Cadets for some time, including as Treasuer from time to time. I've not found banks be be that generous. We get some price breaks and discounts on things but the accounts are handled as business accounts (because of things like dual signature cheques, multiple officer structure) It is also closer to a business account than a personal account in terms of fees. A local banking organization, like a community savings or credit union is probably most likely to be generous.

BTW: Is this group a registered charity (with Charities Directorate). If not, the banks won't be too likely to treat you as a non-profit.
Deal Addict
User avatar
May 24, 2006
2040 posts
26 upvotes
Thanks, that community HSBC looks like a great starting point, I'll definitely have a talk with them since they can give me the full details.

On the HSBC page
[QUOTE]Although professional associations, schools, hospitals and churches do not qualify for our Community Service Account, non-profit clubs and associations within those organizations do.[/QUOTE]

BINGO! Why haven't I ever heard of this before? This looks perfect.

@JustConfused, I definitely see your point, I've been involved in several groups in totally different environments from interest groups to academic-based groups and it has always been another body (Student Union) absorbing our monthly fees or some loop around to eliminate the fees (Youth account).
So in many cases, there has never been widely publicized account available to youth groups and not for profit organizations which really is just used to keep a paper trail and to properly document accounting activities.
Deal Addict
Aug 19, 2002
3680 posts
1730 upvotes
To resurrect this thread, does anyone know what kind of proof one needs to open a community account? In my case, I'm part of a group of friends who just pool our money together to participate in activities, but we'd much prefer to use a separate bank account to keep a paper trail. We don't have positions in the group, just one guy who organizes and usually takes in all the money and charges stuff on his credit card/cheque.
Jr. Member
Jan 31, 2008
163 posts
20 upvotes
Barrie
goob3r wrote: To resurrect this thread, does anyone know what kind of proof one needs to open a community account? In my case, I'm part of a group of friends who just pool our money together to participate in activities, but we'd much prefer to use a separate bank account to keep a paper trail. We don't have positions in the group, just one guy who organizes and usually takes in all the money and charges stuff on his credit card/cheque.
It's best to call the bank and ask them, but it's pretty strict.
Newbie
Jun 21, 2009
15 posts
2 upvotes
Vancouver
I had one years ago at CIBC, but I think most banks will help out. Also, I think some branch managers will be more flexible than others so you might want to visit a few in person.
Newbie
Jul 7, 2008
4 posts
2 upvotes
Toronto
RBC has the Royal Business Community Account
http://www.rbcroyalbank.com/business/ac ... unity.html

CIBC has a Not-for-Profit Operating Account:
http://www.cibc.com/ca/small-business/f ... l#noprofit

Scotiabank has Plans for Charities & Community Groups:
http://scotiabank.com/cda/content/0,160 ... en,00.html

BMO has a Community Account:
http://www4.bmo.com/business/0,4344,35490_35914,00.html

HSBC offers a Community Service Account:
http://www.hsbc.ca/1/2/en/business/busi ... ce-account

TD has Community/Non-for-profit Plans:
http://www.tdcanadatrust.com/smallbusin ... munity.jsp
Sr. Member
User avatar
Oct 22, 2004
850 posts
103 upvotes
Woodstock
Great stuff. I'm trying to setup a bank account for my Dragon Boat team in Woodstock. We need it as cheap (if not free) as possible. I don't want sponsors handing over cheques with my name on them, I want it to be the team.

These links are very helpful!

Thanks!
I <3 Pepsi!!
Deal Addict
Dec 10, 2012
3886 posts
1527 upvotes
Canada
i am looking to open an account for our club which is registered under a sporting organization so i can get organization to sponsor us (and they will only make cheque payable to sporting team name). what are the requirements?
Jr. Member
Jan 31, 2008
163 posts
20 upvotes
Barrie
I use Meridian Credit Union. They're fairly affordable.
Newbie
Oct 5, 2015
1 posts
Hey guys, I know this is an old thread but what the heck..

Has anyone tried HSBC?? To me it sounds like that's the best option.

Also, what are Altima's fees per transaction??

Thanks
Member
Aug 1, 2008
284 posts
50 upvotes
Toronto
HSBC 'fired' most of its small business banking customers a couple of years ago. Now, it seems they're only targeting business customers with at least $3 million in sales.

If you're referring to Alterna, there are no transaction fees for their "Community Plus" account.

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