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Over the past couple of weeks I've been researching a new bank account |
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that would allow us: |
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1) to get verified with Paypal so we could actually get our money out of |
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there without a limit; and |
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2) to allow international trustees to have access if they wanted it. |
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At the FLOSS summit a couple of weeks ago, the Eclipse Foundation's |
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director mentioned that it uses Bank of America, which has a number of |
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enhanced online banking features beyond what most banks have. |
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I've met with bankers at the Bank of America twice now, and I think they |
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can fulfill our needs. |
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What regular banks to that gets Paypal to verify them is get everyone |
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who has access to the account to sign a signature card. This means that |
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the signature card would need to get sent all over the world, to each |
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trustee who wants access to the account. It would be useful to minimize |
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this, so I propose that only our officers do this and therefore have |
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access to the account. |
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|
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For the international case, the signature card would be mailed to the |
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local U.S. embassy or consulate, and our trustees would need to go in |
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and have their signatures notarized there. |
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The enhanced online banking, called "Online Business Suite," [1] runs |
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$15/month. What this gets us: |
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1) Separate logins/passwords for each person with access to the account; |
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2) A big list of financial features, some of which we may use, some not. |
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One of these is direct deposit to employees, which we might be able to |
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leverage to send Gentoo devs money for their funding requests, but it |
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looks like this could cost another $10/month. |
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Point 1 is probably the most important here. We want to be able to |
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identify exactly who's doing what with our money. |
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If you'd like to read more, go to bankofamerica.com and click the "Small |
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Business" link at the top. |
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Technical details on opening the account: |
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While the signature card's being sent around, only the signers present |
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at the initial account opening have access to it. Since Corey and I are |
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both in Corvallis, it would make sense for both of us to sign it so we |
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have a little insurance. |
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What we need to open an account: |
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1) Person authorized to act on behalf of the foundation as indicated in |
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its corporate resolution; |
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2) The foundation's tax ID number; |
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3) The foundation's Fictitious Name Certificate, or the Certificate of |
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Trade Name if the account name is different from the corporate title; |
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4) The articles of incorporation; |
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5) The IRS ruling letter of tax exemption, or a notarized statement from |
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the officers or directors on Gentoo letterhead, saying the foundation is |
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exempt from tax reporting under 501(c). |
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They will not accept a document that hasn't been filed with the |
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appropriate state official. |
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We don't need an official storefront to open an account; we can just |
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give a home address. |
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We need $100 to open the account. |
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Technical details on using the account: |
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In Europe, Deutsche Bank ATMs can be used for no fee; |
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Debit-card purchases are free, but credit-card purchases are assessed an |
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additional 3% of the transaction; |
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They're having an ongoing special called "Business Deal Days" where the |
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usual $2500 minimum balance is waived forever if you open an account |
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during this time. If we open an account outside this special, we need to |
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meet a minimum daily balance of $2500, or some other, larger monthly |
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average balance, or pay $9/month. |
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The type of account we want is called "Business Economy Checking." |
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The banker I've been working with is Erica Lewis, at the Corvallis |
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branch. It would be nice to open the account with her, if we do open it, |
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because she's been quite helpful in answering my questions. |
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I'm heading out for two weeks to get married and go on a honeymoon, so I |
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won't be able to reply until then. |
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Thanks, |
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Donnie |
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1. |
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http://www.bankofamerica.com/smallbusiness/accountaccess/index.cfm?template=acct_obs.cfm |
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