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devedmonton / devedmonton-org

Track issues and projects related to running Dev Edmonton
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Setup a bank account #4

Open MarkBennett opened 6 years ago

MarkBennett commented 6 years ago

Talked with @estyn and we're both fine with using ATB. Early discussions indicate that we'll qualify for a free community account, but if not we could consider using Servus Credit Union as they are supposed to have a good community plan too.

abramhindle commented 6 years ago

The cost of cheques is important. I've seen it harm other societies.

MarkBennett commented 6 years ago

Interesting @abramhindle. I'll make sure to check out what ATB offers for chequing fees.

Estyn commented 6 years ago

Cheques are 0.80$ for ATB community accounts.

MarkBennett commented 6 years ago

I just spoke with ATB again. Apparently we should qualify for the Community Spirit account even though we're not a registered not-for-profit. They should know for sure by end of day tomorrow but said it "shouldn't be a problem".

As @Estyn mentioned, cheques cost $0.80 to process and there's a $1.50 fee for Interac transfers.

To move things forward we'll need to pass a resolution indicating that the board wanted to use ATB then supply copies of our incorporation documents and setup a few of us as able to sign cheques. We don't need to immediately start distributing cash so this doesn't need to be blocked by a process to document how we distribute funds to each meetup.

I've added a TODO list to the top of this issue.

MarkBennett commented 6 years ago

To update everyone, @Estyn and I have both talked to ATB and we're just waiting to hear on whether we qualify for their not-for-profit bank account. Given that we're an incorporated society we should, but we're just waiting to hear back.

If we don't hear anything in the next week or so then I've been told we can open a standard business account with free banking for a year while ATB decides whether we get the not-for-profit plan.

Either way, we'll get the bank account sorted for September.

SteveReiter commented 6 years ago

Resolution to use the ATB Community Spirit account has been created and is linked in the slack private channel for board members.

MarkBennett commented 6 years ago

Thanks for creating the resolution @SteveReiter.

We've heard back from ATB and have been approved for a community spirit bank account which has most of the monthly fees waved and others reduced.

We're now waiting for the paperwork so that we can finalize our account setup then we'll have a place to deposit funds and cut cheques.

MarkBennett commented 5 years ago

I'm back with another update....

At this point I've been assured that ATB has all the paperwork they need, and the paperwork has been working it's way up the chain for the last month.

Unfortunately, it's taken so long that Marcus Magalhaes, our original point of contact, has moved on to another roll. I've been assured that it's still being worked on but I've asked them to email me with an update on specifics and when we'll get the account.

Please let me know if you're contacted or here anything from ATB. I'll continue to provide updates here.

MarkBennett commented 5 years ago

I've just gotten off the phone with another agent from ATB. She's got all our paperwork and hopes to get everything setup on Monday morning. In the interest of getting the account open quickly, we'll probably start with just @Estyn and myself as signing authorities as both of us are existing ATB customers so can be setup without needing to meet in person.

We'll then need to setup meetings in person with everyone else, but I'm asking them to confirm if we all need to be there or if we can do it one by one.