----- "William L. Thomson Jr." <email@example.com> wrote:
> Over the past several weeks, and possible months. The Gentoo
> board of trustees has been discussing a bit on IRC and in direct
> emails, the available banking options for Gentoo. Starting with the
> 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
> block. Until both required that we physically go into a branch to
> papers and open an account. Being that no Officer lives in New
> 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.
> that the application process could not be fully completed online.
> 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
> California, where the foundation treasurer currently resides. We
> 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
> of the officers are not US Citizens. However Wells Fargo does require
> any international officers have a US Federal ITIN (International Tax
> 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,
> as just a board member. Which board oversees officers. So just a
> 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
> 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
> 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
> 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
> authority to another.
> So turn over wrt to the bank account is likely going to be a PITA.
> something needs to be discuss, done, etc wrt to Officer terms. I
> some of that might be in the new bylaws. If not, will likely have to
> 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
> 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
> 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
> Before we must start showing some progress. Otherwise I consider the
> time a total waste. If the final goal is not accomplished. We have
> the tires, flung the mud, etc. Hopefully we will get it resolved
> than later.
> We are pretty open at this time. What ever it takes, and with any
> 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.
> William L. Thomson Jr.
> Gentoo Foundation
Another option, that might be fit our role more is some direct or online
banking. ING.com is one of the biggest ones. Capital One is another one
but I don't care for them as a company .. personal preference. That
would get by the problem of having to be close by.