William L. Thomson Jr. wrote:
> Over the past several weeks, and possible months. The Gentoo Foundation
> board of trustees has been discussing a bit on IRC and in direct private
> emails, the available banking options for Gentoo. Starting with the more
> major institutions like Chase, Citi, Bank of America, and Wells Fargo.
> The first issue we ran into was that no one lives in New Mexico. Some
> banks require a branch be within 50 miles from registered address.
> Others any address in the same state. Neither of which was a major road
> block. Until both required that we physically go into a branch to sign
> papers and open an account. Being that no Officer lives in New Mexico.
> That is not a practical option. Which ruled out both Chase and Citi.
> Chase required 50 miles, Citi within the state.
> Now Bank of America seemed to be a viable options with their online
> application. But a call to Bank of America reveals a few things. First
> that the application process could not be fully completed online. Second
> that all officers would have to go into a branch to sign final paper
> work. Third, Bank of America California is on a different system than
> Bank of America in all other states. So if we needed to do anything in
> California, where the foundation treasurer currently resides. We could
> not. Bank of America really is not an option at all.
> So far Wells Fargo is the only bank that will allow us to open an
> account remotely. With no one going to New Mexico. Plus they have
> branches in other states. We could visit and use for any business,
> including changing signers or officers on the account. Not to mention
> Wells Fargo seems to be best positioned for accounts where one or more
> of the officers are not US Citizens. However Wells Fargo does require
> any international officers have a US Federal ITIN (International Tax ID
> Number ) and provide a photo ID, license or passport.
> Unfortunately our current president lacks a photo ID atm, ETA is like
> 6-8 weeks for that, 4-6 weeks for ITIN. Applications can overlap time
> wise. Or another direction, we can remove him as an officer, remaining
> as just a board member. Which board oversees officers. So just a paper
> We were proceeding with Wells Fargo. I had called them, provided
> Foundation and personal info to get the account application underway.
> Which it still is but will expire on the 8th. We have not committed to
> proceeding with Wells Fargo, and frankly seem to still be shopping
> Which is where we are at. We are opening this up to the community.
> Firstly for transparency. But secondly to get input and suggestions fro
> the community. Other banks we haven't tried etc.
> We did bring up and consider an international bank account outside US
> borders. But not sure how practical that will be.
> Also there are some issues with any bank account, and officer turn over.
> We would not only have to update filings with the state. But with the
> bank as well. Which might require two people to physically go into a
> location/branch. To prove they are the existing signer, and to pass on
> authority to another.
> So turn over wrt to the bank account is likely going to be a PITA. Thus
> something needs to be discuss, done, etc wrt to Officer terms. I think
> some of that might be in the new bylaws. If not, will likely have to add
> a revision soon.
> While several on the board felt this was a far off scenario. It looks
> like we have a current board member ( maybe two 2nd being me )
> resigning. So this scenario of officer turn over, is not so unlikely or
> far off.
> Anyway that is were we are at. Really no where, other than ruling out
> options. We can proceed with Wells Fargo but there is work to be done.
> Much less time to obtain Photo ID and ITIN which we can't expedite.
> I am at like 10+ hours into this, and really almost at my max time wise.
> Before we must start showing some progress. Otherwise I consider the
> time a total waste. If the final goal is not accomplished. We have spun
> the tires, flung the mud, etc. Hopefully we will get it resolved sooner
> than later.
> We are pretty open at this time. What ever it takes, and with any bank.
> So long as we can get a bank account for Gentoo ASAP. No point in
> gathering or planning to spend $. If we have no where to store or
> distribute it. Can't even do much atm with PayPal till we get a bank
> account on file with them again.
> Really stuck, and if the community can help bail us out. That's what
> it's all about :) If not, guess we will have to bite the bullet with
> Wells Fargo and might have an account with them in a few months.
Well, I don't know much, but the bank my job uses is a new bank I believe,
growing fast, and apparently eager to earn new business. What that translates
into, I have no idea. Worth a shot, though. They're not located in NM, though,
but in MD, so that may or may not be beneficial to us. Nor do I know if they
require in-person meetings for new accounts. Worth a shot it sounds like.
If I can remember next week, I'll ask one of the finance people if they know of
banks that fit the bill for this. They're pretty bank savvy, so they might know
a few names.
"The past tempts us, the present confuses us, the future frightens us. And our
lives slip away, moment by moment, lost in that vast, terrible in-between."
--Emperor Turhan, Centauri Republic