Difference between revisions of "Bank Research"

Revision as of 10:19, 18 July 2006

The winner: First Tech

http://www.firsttechcu.com/

This one's really big. The closest branch is in close-in Lloyd District, but that branch doesn't have all the services available. It has basic ones, though.
Closest branch (exact location): 650 NE Holladay St. Suite 160, Portland, OR 97232 (~30 blocks)
Joren says they're awesome, almost never a line, and they validate parking. Other Free Geek volunteers have recommended them as well.
Free Geek is a technology company and could offer membership to First Tech byu becoming a sponsored company, a process that only takes a few minutes.

They are investigating how it would work for the bookkeeper to get receipts when making deposits.

They were excited about Free Geek.

Implementation

Completed tasks

correct state registry

Correct our :(registry with the state) so our officers can be verified by the new bank

Note: Laurel's name is spelled wrong

what kind of account?

Meet with new bank to determine the best type of checking and savings accounts for us.

Bring two or three months of statments from old bank.
DONE The business services officer says "Based on the information you provided I would recommend the First Business Checking Basic. As a non profit the monthly maintenance fee is waived, and this product allows you unlimited deposits with no additional fees based on number of checks deposited. Monthly bill pay the first 10 are free any additional are .50 per bill pay each month. As far as the savings account reserve I would recommend the Instant Access which requires an average daily balance of $10K to avoid the $10 monthly service fee, which currently pays a dividend rate of 2.2761%, APY of 2.3% on a daily balance between $5k - $24, 999. The other option would be looking at placing some of the monies in a CD or several CD's. The minimum opening deposit on a CD is $1,000 and the terms vary between 6 to 36 month, with rates varying between 3.6 to 4.9571. Please refer to the rate and fee schedule for the current dividend and APY rate."

become a sponsored company

Register Free Geek to become a sponsored company at First Tech. (This allows FG volunteers and staff to open accounts at the credit union as well.)

(We will be received a company code and posters to advertise to staff and volunteers soon. This did not require a board resolution to accomplish.)

pass board resolution: done

open new accounts

Services to set up on opening day (or soon thereafter):

main savings account
main checking account
Set up two savings accounts for PayPal transfers
Set up online banking
Get signers authorized
Order new checks
Order debit card

Begin making the regular deposits in new checking account.: done

paychex: Point Paychex business to new account. This should be done early in the month as this may(?) require that staff members who have auto deposits on their paychecks fill out new forms).; done

endorsement stamps

Order three, one for front desk, one for store, and one for bookkeeping toolkit

done

Determine who can see balance information

Seamus and Richard should be able to see balances, etc., but do not need to be check signers.

auto transactions

Audit for automatic transactions that land in current bank:

Switch them to new bank
Verify that they work

kaiser, easystreet

close old accounts

Transfer remaining money into new bank, closing the old accounts.

Notes

Our Information

Current accounts:
- Main savings account (where we put our operating reserve)
- Main checking account (bills, payroll, regular expenses, most deposits go in here)
- Extra account for transferring money in from PayPal (from eBay sales)
- Extra account for transferring money in from PayPal (from donations and other online income)
Sorts of transactions that we'll need to make on a regular basis:
- A few times per week: cash and check deposits
- Payroll through Paychex, once per month
- Tax payments through Paychex, monthly, quarterly, yearly
- Online transfers from eBay sales, etc. (mostly payments to us), monthly or so
Sorts of transactions we'll need to make occasionally:
- Get change for tills
We may want extra accounts for holding grant money earmarked for specific purposes

Initial Checklist of Questions

Can businesses sign up (or just individuals)?
What sort of online access would we have to our accounts?
Do you offer Merchant Services (credit and debit card processing)?
Can I get information on rates, fees, etc.?

If we have problems getting the above information answered quickly, we probably want to eliminate this financial institution as an option.

Top Choices Compared

Both Unitus and First Tech use Total Merchant Concepts for merchant services.

Rate and Fee comparison
First Tech Credit Union	Monthly Fee	Min Balance	Waived?	Withd	Withd	Dep	Dep	Overdraft	NSF	Rate	Rate	Coins
Business Savings	$ 4.00	$ 100.00	yes	4	$1.00	50	$0.15		$20.00			$ -
Business Savings Instant Access	$ 10.00	$10,000.00	yes	4	$1.00	50	$0.15		$20.00	0.10%	3.20%	$ -
Business Checking	$ 6.00	$1,000.00	yes	50	$0.15	50	$0.15	$4.00	$20.00			$ -
Business Checking Basic	$ 12.00	$ -	no	9999	$ -	9999	$ -	$4.00	$20.00			$ -
Business Checking Plus	$ 15.00	$10,000.00	yes	100	$0.10	100	$0.10	$4.00	$20.00			$ -

Unitus Credit Union	Monthly Fee	Min Balance	Waived?	Withd	Withd	Dep	Dep	Overdraft	NSF	Rate	Rate	Coins
Business Savings								$1.00	$22.00			$ -
Basic Business Checking	$ 5.00	$1,500.00	yes	75	$0.15	75	$0.15	$1.00	$22.00	0.55%	0.70%	$0.10
Business Interest Checking	$ 10.00	$3,000.00	yes	150	$0.15	150	$0.10	$1.00	$22.00	0.55%	0.70%	$0.10
Business Money Market	$ 5.00	$10,000.00	yes					$1.00	$22.00	1.25%	3.06%	$0.10

Rate and Fee comparison
	Merchant	Payroll	Loans	CD
First Tech Credit Union	Yes	Yes	Yes
Unitus Credit Union	Yes	Soon	Soon	Yes

First runner up: Unitus

http://unitusccu.com

Shawn's CPA, who works with lots of credit unions, likes this one best because it's still efficient, but it's a little smaller and more warm and fuzzy feeling. It used to be Oregon Telephone Employees Credit Union, and its closest branch is a few blocks from the other side of the Hawthorne Bridge.
Closest branch (exact): 1300 SW 6th Ave Portland, OR 97201 (27 blocks -- across the Hawthorne bridge)
Services available at this location:
- Unitus Mortgage
- Notary | Safe Deposit Boxes | ATM | Tech Center | Coffee Bar
Services available at next nearest location:
- Notary | Safe Deposit Boxes | ATM | Tech Center | Child Center | Coffee Bar

There are actually two branches quite close to Free Geek (as the crow flies).

Like all the credit unions we checked out, Unitus has:

online banking
merchant services

They offer both basic and interest checking as well as a money market account.

They plan to have some other business related services set up in the near future:

payroll services in place later this year (in the event we want to move that business from Paychex someday)
business lending

Membership in Unitus is open to anyone living in several counties, so offering membership as a benefit to Free Geek members is impossible and mostly irrelevant.

For the bookkeeper to get receipts when we make deposits will be a little problematic here, since only signers can get receipts.

Other notes

Credit unions tend to have fewer fees for banking, and less rules to navigate in order to avoid extraneous fees. They also keep our money local-er. We've been advised that, if we go with a credit union, we should use a big one. Here are 3 big ones in town.

OnPoint (PTCU) does not allow business accounts, so they're out.

Some other close by credit unions (smaller, I guess):

Rivermark Community Credit Union https://www.rivermarkcu.org/
- Closest branch: 2537 SE Hawthorne Blvd, Portland, OR 97214 (18 blocks from Free Geek)

Big banks, in theory, won't mess up as much, but have more fees.

Key Bank http://www.key.com/
- Closest branch: 726 SE Morrison St, Portland, OR 97214 (12 blocks from Free Geek)

Umpqua Bank http://www.umpquabank.com/ are based in Oregon.
- Closest branch: 1448 NE Weidler St, Portland, OR 97232 (38 blocks)

I couldn't find a Shore Bank location anywhere near us.

@@ Line 59: / Line 59: @@
 * Switch them to new bank
 * Verify that they work
+kaiser, easystreet
 ==== close old accounts ====