Accounting International Marketable Securities Standard

Once you have incorporated your non-profit organization as a separate legal entity with its own name and employer identification number (EIN), you can open up a bank account for the organization. You do not have to wait until you get a tax-exemption from the IRS.

Not all banks and not all bank accounts are created equal. It pays to comparison shop – or, more accurately, it costs not to. Do not automatically choose the bank that you use for your personal account.

Find out if the bank has an account just for non-profit organizations (or at least, just for small businesses). This type of account might have a lower minimum deposit and lower monthly fees or transaction costs than a regular business account at the bank. Do not assume that the non-profit account is automatically your best option, however. The account might work for many non-profits but have restrictions, lack services, or have high fees for specific transaction that just don’t work for your situation.

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