How to open a club bank account

Congratulations. You've just been elected treasurer of your club. Now what? The first move is often to either open or move the club bank account. But what do you need to do that? This article shows you what you need to do to accomplish this relatively simple task.

Choose a bank. Find a local bank that offers friendly service and no-fee accounts. Using an online bank is also an option. Just about any bank will have the kind of bank account your club will need, whether it be checking, savings or money market.

Talk to a personal banker in the lobby and see what kind of service you can get. The bank may have an in-house investment broker who could provide your funds with some higher-paying alternatives.

Ask the banker what kind of paperwork is required to open a club account. Chances are it will be the same for most types of organisations, with differing tax statuses assigned to for-profit versus non-profit organisations.

Complete the paperwork and get copies both for yourself and for the club files. Make certain that all necessary club officers are authorised to access the club account.

Inform the members of the club where their funds are being held and distribute the monthly bank statement to them, or else print up your own copy of a monthly financial statement. It may also be possible to allow club members to see the account online.

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Things Needed

  • Your club's corporate charter or document authorising you to act on behalf of the club

About the Author

Mark Cussen has more than 17 years of experience in the financial industry. He received his B.S. in English from the University of Kansas and became a Certified Financial Planner in 2001. He has published financial educational articles on such websites as Investopedia and Money Crashers. He also provides financial education and counseling for members of the U.S. military and their families.

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