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Over the past several weeks, and possible months. The Gentoo Foundation |
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board of trustees has been discussing a bit on IRC and in direct private |
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emails, the available banking options for Gentoo. Starting with the more |
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major institutions like Chase, Citi, Bank of America, and Wells Fargo. |
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|
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The first issue we ran into was that no one lives in New Mexico. Some |
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banks require a branch be within 50 miles from registered address. |
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Others any address in the same state. Neither of which was a major road |
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block. Until both required that we physically go into a branch to sign |
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papers and open an account. Being that no Officer lives in New Mexico. |
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That is not a practical option. Which ruled out both Chase and Citi. |
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Chase required 50 miles, Citi within the state. |
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|
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Now Bank of America seemed to be a viable options with their online |
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application. But a call to Bank of America reveals a few things. First |
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that the application process could not be fully completed online. Second |
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that all officers would have to go into a branch to sign final paper |
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work. Third, Bank of America California is on a different system than |
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Bank of America in all other states. So if we needed to do anything in |
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California, where the foundation treasurer currently resides. We could |
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not. Bank of America really is not an option at all. |
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|
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So far Wells Fargo is the only bank that will allow us to open an |
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account remotely. With no one going to New Mexico. Plus they have |
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branches in other states. We could visit and use for any business, |
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including changing signers or officers on the account. Not to mention |
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Wells Fargo seems to be best positioned for accounts where one or more |
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of the officers are not US Citizens. However Wells Fargo does require |
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any international officers have a US Federal ITIN (International Tax ID |
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Number ) and provide a photo ID, license or passport. |
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|
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Unfortunately our current president lacks a photo ID atm, ETA is like |
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6-8 weeks for that, 4-6 weeks for ITIN. Applications can overlap time |
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wise. Or another direction, we can remove him as an officer, remaining |
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as just a board member. Which board oversees officers. So just a paper |
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change. |
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|
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We were proceeding with Wells Fargo. I had called them, provided |
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Foundation and personal info to get the account application underway. |
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Which it still is but will expire on the 8th. We have not committed to |
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proceeding with Wells Fargo, and frankly seem to still be shopping |
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around. |
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|
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Which is where we are at. We are opening this up to the community. |
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Firstly for transparency. But secondly to get input and suggestions fro |
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the community. Other banks we haven't tried etc. |
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|
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We did bring up and consider an international bank account outside US |
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borders. But not sure how practical that will be. |
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|
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Also there are some issues with any bank account, and officer turn over. |
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We would not only have to update filings with the state. But with the |
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bank as well. Which might require two people to physically go into a |
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location/branch. To prove they are the existing signer, and to pass on |
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authority to another. |
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|
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So turn over wrt to the bank account is likely going to be a PITA. Thus |
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something needs to be discuss, done, etc wrt to Officer terms. I think |
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some of that might be in the new bylaws. If not, will likely have to add |
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a revision soon. |
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|
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While several on the board felt this was a far off scenario. It looks |
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like we have a current board member ( maybe two 2nd being me ) |
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resigning. So this scenario of officer turn over, is not so unlikely or |
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far off. |
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|
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Anyway that is were we are at. Really no where, other than ruling out |
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options. We can proceed with Wells Fargo but there is work to be done. |
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Much less time to obtain Photo ID and ITIN which we can't expedite. |
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|
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I am at like 10+ hours into this, and really almost at my max time wise. |
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Before we must start showing some progress. Otherwise I consider the |
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time a total waste. If the final goal is not accomplished. We have spun |
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the tires, flung the mud, etc. Hopefully we will get it resolved sooner |
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than later. |
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We are pretty open at this time. What ever it takes, and with any bank. |
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So long as we can get a bank account for Gentoo ASAP. No point in |
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gathering or planning to spend $. If we have no where to store or |
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distribute it. Can't even do much atm with PayPal till we get a bank |
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account on file with them again. |
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|
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Really stuck, and if the community can help bail us out. That's what |
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it's all about :) If not, guess we will have to bite the bullet with |
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Wells Fargo and might have an account with them in a few months. |
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|
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-- |
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William L. Thomson Jr. |
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amd64/Java/Trustees |
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Gentoo Foundation |