Banking

Introduction

This section discusses what financial tools a chapter should have at it's disposal.

Bank Account

It is best to set up a business banking account with online banking capabilities. This will allow you to have better records of checks written as well as other business services. Make sure that the bank knows that the chapter is a non-profit. They may wave any fees for non-profits. Make sure that at the very least the president and the treasurer are listed on the account so that if one or the other leaves it is possible to add more people to the account. Also make sure to remove any inactive officers from the account.

Bank Card

It may be more convenient to get 1 or 2 debit cards for the chapter to be used for chapter expenses so that these do not have to be reimbursed. It is important to consider the trade-off between convenience and the risk of embezzlement or misuse of the cards. It is important to check the account periodically so that any erroneous expenditures can be caught promptly so that they can be dealt with in the appropriate timeframe.

Other forms of Payment

  • Paypal can be a convenient way of accepting online payments and taking credit card payments.
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