Entrepreneurship & Small Business

Non-profit community group bank account

  • Last Updated:
  • Dec 14th, 2018 9:40 am
[OP]
Deal Addict
Nov 24, 2004
3672 posts
401 upvotes
Toronto

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
Member
Mar 7, 2006
344 posts
106 upvotes
Up! Same question here.
Deal Addict
Oct 7, 2007
4237 posts
1311 upvotes
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
13048 posts
3279 upvotes
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.

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