Q&A

Bank Account Question

We have just started our PTO and have a EIN number. The bank is asking for non-profit paperwork or a fictitious name document. We dont have either. Is this common? Where can we get this?
- BethunePTO

Are you doing business under a different name than the name on your EIN? That would be the reason the bank would want a fictitious name statement. For most PTOs, the name on the EIN and an the account would simply be something like West Harpswell Elementary School PTO. As far as nonprofit paperwork, you shouldn't need to present that unless you are getting a special account for nonprofits. Your nonprofit paperwork is a letter you will get from the IRS when you obtain tax-exempt status under section 501c3 of the federal tax code. Tax-exempt status is retroactive to your startup date, but it takes weeks or months to get the approval letter.
- Craig
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One more thing: You might be interested in the article When To Change Banks. It offers some tips for choosing the right bank.
- Craig
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When To Change Banks: https:/classic.ptotoday.com//pto-today-articles/article/397-when-to-change-banks