Entrepreneurship & Small Business

Non-profit community group bank account

  • Last Updated:
  • Dec 14th, 2018 9:40 am
Deal Addict
Nov 24, 2004
3830 posts

Non-profit community group bank account

This isn't strictly an entrepreneurship question, but I thought some of you in this forum might be able to help.

I lead a small community group (think arts / culture) that is registered as a non-profit. We have a bank account with TD that I believe is a small-business account. We have very few transactions each year (maybe 10) but are still charged a good amount of money as fees.

Our needs are modest: we need to be able to deposit cheques, withdraw and deposit cash, and send and receive e-transfers. We rarely have more than $1,000-$1,500 in the account at any time.

I would imagine that a bank like Tangerine would have a no-fee account for non-profits but it's really hard to tell from their online info whether this is actually the case.

Does anyone have suggestions?
4 replies
Mar 7, 2006
433 posts
Up! Same question here.
Deal Fanatic
Oct 7, 2007
5102 posts
I think the TD fee is $4.95/mo for the account you are referencing. Not sure if you will find better than that. Even credit unions who cater to nonprofits still charge fees.
Deal Guru
Aug 2, 2010
14324 posts
Here 'n There
BMO Community group account @ $2.50 x 12 = $30/yr. Best deal ever. Less if you ever have >$5K minimum all month long in the account, which likely won't happen for you.

Surprised though that it is not $0 for locally-based non-profit community groups with all the money banks make.