New Club Bank Account

23 Jul, 2010

Items needed for a new club to open up a bank account:

  1. 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).
  2. IRS letter–showing that Toastmasters International is a non-profit organization 501(c)(k).
  3. Tax letter in Toastmasters letterhead stating that all US clubs are part of TI and are exempt/non-profit.
  4. Club Bylaws –see sample of blank one enclosed, but the club officers must present to the bank the pages they completed for their club.
  5. 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.
  6. 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. 

Other Notes: 

  • 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.