Question: bank account

Our PTO bank account has been frozen and the bank is insistant the superintendent is the only one who can apporve for the account to be closed and the money sent to the school why can't I being the president do that.

Asked by mindians

Answers:

Advice from PTO Today

Craig writes:
I'm guessing that the account was opened under the schools EIN (Employer Identification Number). If that's the case, the bank probably considers the account as legally belonging to the school rather than the PTO. Check with the bank to see which EIN was used. If the PTO's own EIN is on the account, you should have rights to do what you wish with the account.