Difference between revisions of "Bank Research"

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== The winner: First Tech ==
 
== The winner: First Tech ==
 
http://www.firsttechcu.com/
 
http://www.firsttechcu.com/
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They were excited about Free Geek.
 
They were excited about Free Geek.
  
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=== Implementation ===
 
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==== correct state registry ====
 
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Correct our ([http://egov.sos.state.or.us/br/pkg_web_name_srch_inq.do_name_srch?p_name=&p_regist_nbr=747743-82&p_srch=PHASE1&p_print=FALSE&p_entity_status=ACTINA registry with the state]) so our officers can be verified by the new bank
 
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* '''DONE''' though Laurel's name is spelled wrong
 
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==== what kind of account? ====
 
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Meet with new bank to determine the best type of checking and savings accounts for us.
 
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* Bring two or three months of statments from old bank.
 
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* '''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."''
 
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==== become a sponsored company ====
 
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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.)
 
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* '''DONE''' (We will be receiving a company code and posters to advertise to staff and volunteers soon. This did not require a board resolution to accomplish.)
 
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==== pass board resolution ====
 
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We need this to generate minutes authorizing the new account
 
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* Print out the minutes of that meeting, bylaws, articles of incorporation, W9, etc. for opening account. The business services officer says ''"In regards to the items needed to open the account we would need a copy of:''
 
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*# ''the 501(c)(3), '' (I assume this means the determination letter, the standard document that proves we're a 501(c)(3) designated organization.)
 
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*# ''meeting minutes which reflects who is authorized to sign on the account, and ''
 
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*# ''the EIN from the IRS.'' (included in the determination letter)
 
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*# ''Also, include front and back copies of the drivers license of all authorized signers who will not be at the credit union when the account will be opened.''
 
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*# ''Only one person is required to be present.
 
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*# ''A board member will work just fine. It is usually the Treasurer who is the signing person."'''
 
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==== open new accounts ====
 
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* Services to set up on opening day (or soon thereafter):
 
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*# main savings account
 
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*# main checking account
 
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*# two savings accounts for PayPal transfers
 
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*# debit card
 
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*# online banking
 
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*# signers authorized
 
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*# determine who can see balance information
 
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*# Order new checks, endorsement stamps, etc.
 
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==== begin deposits ====
 
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Begin making the regular deposits in new checking account.
 
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====  paychex ====
 
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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).
 
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==== auto transactions ====
 
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Audit for automatic transactions that land in current bank:
 
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* Switch them to new bank
 
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* Verify that they work
 
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==== close old accounts ====
 
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Transfer remaining money into new bank, closing the old accounts.
 
  
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== Others Considered ==
 
  
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== Notes ==
  
 
===Our Information===
 
===Our Information===

Latest revision as of 15:56, 19 April 2013

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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.


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

  1. Can businesses sign up (or just individuals)?
  2. What sort of online access would we have to our accounts?
  3. Do you offer Merchant Services (credit and debit card processing)?
  4. 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.

More detailed questions

  • What do your monthly statements look like?
  • Where's the nearest branch where we can accomplish most of our banking needs?
  • Interest rate on savings, checking?

Rates and Fees

  • Monthly service fee
  • Bounced checks (when we try to deposit a rubber check someone wrote to us)
  • Interest rate on checking account?
  • Interest rate on savings account?
  • Minimum balance on checking account?
  • Minimum balance on savings account?

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.

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

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

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