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-> Finances
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amother
OP
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 Thu, Sep 28 2023, 1:33 pm
My husband's shul divided as some members moved away, and they need to open another checking account for the separate minyan. They want to go with td or capital 1.
Anyone know which bank is better? Can a 5013c use a regular checking account? Limits or fees?
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amother
Nemesia
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Thu, Sep 28 2023, 1:48 pm
| amother OP wrote: | My husband's shul divided as some members moved away, and they need to open another checking account for the separate minyan. They want to go with td or capital 1.
Anyone know which bank is better? Can a 5013c use a regular checking account? Limits or fees? |
The better bank is the one that is most convenient for the person doing the banking.
The 501c3 needs to show its paperwork to open an account. Both banks offer it.
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amother
OP
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Thu, Sep 28 2023, 2:30 pm
| amother Nemesia wrote: | The better bank is the one that is most convenient for the person doing the banking.
The 501c3 needs to show its paperwork to open an account. Both banks offer it. |
They are around the corner from each other. Other than that I don't know of any major advantage.
My husband is involved in another non profit that has a business account with td and despite the status they pay a fee every month for not having a certain balance. Regular td accounts are minimum $100. Will they need to have a business account?
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amother
Nemesia
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Thu, Sep 28 2023, 2:39 pm
| amother OP wrote: | They are around the corner from each other. Other than that I don't know of any major advantage.
My husband is involved in another non profit that has a business account with td and despite the status they pay a fee every month for not having a certain balance. Regular td accounts are minimum $100. Will they need to have a business account? |
They will need to have an account for a 501c3.
Your husband should meet with both banks and talk to them about what they can offer him.
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amother
Melon
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Thu, Sep 28 2023, 2:43 pm
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My husbands shul used citizens bank after a lot of research. They looked into td and capital one and chose not to use them.
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