Opening a bank account can be a complicated process, but it doesn't have to be. We've put together some basic information to help you prepare and open a business bank account for your nonprofit, making the process smooth and easy.

What Do I Need to Open a Bank Account for a Nonprofit Organization?

Requirements are similar to opening a bank account for a for-profit business. You may need these or other documents to open the account:

  • Nonprofit designation letter from the IRS
  • DBA name, if different from the legal name of your nonprofit
  • Bylaws
  • Letter from the Secretary of State
  • Valid business license
  • Certified articles of organization
  • Employer Identification Number (EIN)
  • Meeting minutes to reflect decisions such as who has authority to act on behalf of the nonprofit, among other things
  • A list of all officers and potentially their government-issued ID card information

What is the Best Bank Account for a Nonprofit?

The best account depends on your business needs. If your nonprofit is new, it's best to start with a simple business account that doesn't have a monthly fee or requirements, like minimum balances or transaction amounts, that you might not be able to meet yet. You'll want one that offers these features and optional services:

  • Online and mobile banking with Bill Pay to manage cash and pay the bills
  • Overdraft protection
  • Debit card
  • Low or no balance requirements
  • Tools to track cash flow
  • Services such as:
    • Payroll processing (you'll need to hire help at some point)
    • Remote deposit capture to deposit checks from your office without needing to go to the branch
    • Payment processing to accept donations via debit or credit card
    • Positive Pay to prevent fraud
    • Inventory systems to monitor and manage distribution and inventory

How Do I Open a Bank Account for an Organization?

The bank can guide you through the account opening process and discuss other services that may be beneficial as your nonprofit grows. In general, bring in the documents listed above and sit down with a banker so they can begin to open your account. They will notify you if any additional information or documents are required to complete the process.

How to Set Up a Bank Account for Charity

The steps to open a bank account for a charity are the same as those for opening an account for a nonprofit. Gather the necessary documents and your initial deposit (typically $25-$100), meet with your banker, and open the account.

WaFd Bank is Here to Help

Our knowledgeable business bankers are available to help you manage success, with the expertise to become a trusted advisor to you and your team. With products that grow with your business and comprehensive tools to seamlessly manage it all, WaFd Bank is built for business. After over 100 years, we know what it takes to help you succeed, from start to legacy. Visit your local branch or give us a call at 800-324-9375 to experience the difference WaFd Bank can make for you.

Our bankers are also passionate about serving the communities where we work and live. Learn more about our commitment to improving the lives of our neighbors through our Environmental, Social & Governance Report.