Question: Bank Account

I would like to know that is it up to the principle on what type of bank account we have? I went to the bank today and since we are a new pto we haven't become tax exempt since that cost money and we do not have the funds. I went to the bank and since I'm the one who got the EIN and also the President the bank informed me that they could set up a business account that will include the principal and another member of the school as well as myself and as soon as we can afford to file tax exempt the bank and I talked about switching it over to a corporation account, the long of the short of it is the principal is not agreeing with this and we are at a stand still also we have fundraisers going out or suppose to go out that the principal has said we can not send out unless we have a bank account... Someone please help!!!

Asked by Anonymous

Answers:

Advice from PTO Today

Rose H writes:
Hi there,
We aren't really familiar with situations like this. It's common that the bank would want more than one person on the account -- and you should want that too. But, if you have an EIN, funds to deposit to get the account up and going, and representatives of your group, you should be good to go. The bank really shouldn't be getting involved in your 501(c)(3) status.

Rose