Every nonprofit needs a bank account, right? But not just any bank account—a sidekick sorta deal. You need that banking buddy who’s got your back, whether it’s your first donation or you’re breaking ground on some fancy new building. So here’s the scoop—I chatted up a bunch of folks, you know, bankers, bookkeepers, the whole lot. We were on a mission to find the best banks for nonprofits—aka the real MVPs that dish out killer advice and software that doesn’t make you want to throw your computer out the window. Oh, and yeah, something that vibes with your mission. Anyway, here’s how you dig up that treasure of a bank.
### 1. Know What Your Donors Like (Or Don’t)
Kicking things off with business checking accounts—where all your big bucks will roll in. Donors, grantors, whatever—the bank better support how they like to roll. Cash donations, huh? Watch out, some places make you pay if you deposit over a couple of grand a month. So maybe check out Capital One if you’re in that boat—no fees at ATMs. Or should we be dodging online banks? Well, they usually make you pay unless you’re at ATMs, no chit-chat with tellers. And if you’re all about those wire transfers? Skip the fees! It’s like winning the lottery, but for nonprofits.
### Nerdy Tip or Whatever
Zeffy, Givebutter—they get that nonprofits are tight on cash. No fees, nada! Payment processing? They handle that like it’s their day job because, well, it is.
### 2. Find Out About Fees or They’ll Haunt You
Let’s keep your nonprofit’s cash where it belongs—in your account. Sniff out a bank without the sneaky fees. Some banks, like Truist, try to be the good guys with fewer fees. Look at fee schedules like you’d check gas prices on a road trip. Monthly fees, transactions, cash deposits—get familiar with them all.
### 3. Bug Your Accountant, Bookkeeper, And The Board
Already got a numbers wiz on the team? Get them to chime in. Having bank software that plays nice with accounting tools means fewer headaches for them. And if you’re in the habit of watching cash flow personally—maybe find a fintech with built-in spend management software. Board connections might get you in with bankers who actually give a darn about your mission, too.
### 4. Friendly Chats With Bankers
Once you’ve zeroed in, have a heart-to-heart with where you’re thinking of setting up shop. See if they’re genuinely interested in more than just your money. Ask the questions that’ll keep you up at night unless you have answers. Change in staff? Loan needs? Credit cards? Hear them out.
### 5. Get Another Bank for the “Oh No” Fund
Just a thought—another bank could be for your rainy-day funds. Stash away your extra cash where it earns interest, you know? But keep your day-to-day dosh where you can reach it. You never know when you’ll need it for payroll or a pizza party—priorities, right?
This isn’t perfect advice or anything—just a messy guide to finding your nonprofit’s banking soulmate. Who knew banking could be this much of an adventure?
