Items needed for a new club to open up a bank account:
- The club officer must have the club’s Federal ID Number. If you are not sure what your club’s EIN number is, you can do the following:
- Go to www.toastmasters.org
- Click on login
- Click the Club Officer link
- Log in with your club number and password
- Click “Change my club’s meeting and/or club officer information”
- Scroll down to the bottom of the page: Below the Charter Date is the US Tax ID. This is your club’s employer identification number (EIN).
- IRS letter–showing that Toastmasters International is a non-profit organization 501(c)(k).
- Tax letter in Toastmasters letterhead stating that all US clubs are part of TI and are exempt/non-profit.
- Club Bylaws –see sample of blank one enclosed, but the club officers must present to the bank the pages they completed for their club.
- Club Officer Information, stating all 7 officers & their information—some banks may need this, while other bank just needs the Club President, Treasurer, and Club Secretary’s information.
- Charter certificate—this can be helpful stating that the club is chartered as part of Toastmasters International—some bank doesn’t need this info, although other banks may want to see the certificate.
- Only 2 (two) authorized signors are needed for club account, i.e. Club President, and Club Treasurer.
- Club President and Club Treasurer must be present together at the bank to sign signature cards. Both officers must have 2 pieces of IDs, one of which must be a picture ID (e.g. passport or drivers’ license that is still active and one credit card).
- Advise the bank that Toastmasters International is a nonprofit, tax-exempt organization so that the banks will waive their fees. If a particular bank doesn’t waive their monthly fees, try to look for another bank. Wachovia and Sun Trust Bank are very easy to work with.
- Name of the bank account can be the club name. Don’t input Toastmasters International as the bank account name to avoid confusion. For instance, if ABC Toastmasters opens up a bank account, use the bank account name as “ABC Toastmasters”.
- Be sure to apply for a debit card from the bank so that the Treasurer can submit members’ applications online using debit card.