FredR1 (Washington)
Posts: 2
Posts: 2
Posted:
Our HOA Board is doing research for the best banking institution to give us maximum return on our money via money market or cds. We are located in the State of Washington and are a WA. State Non-profit corporation. See below excerpt from another one of our Board members outlining our situation. Please make a recommendation of where I should seek the best rates with minimum or no fees and other restrictions.
The excerpt reads in part:
Our HOA is a WA State Non-profit corporation...Therefore, our account is classified as a small business account. Any HOA would fall under an account as per the type of organization it is....and likely they would all be business accounts and have to have an EIN number, etc., as we do... The credit unions that were recommended do/did not take business accounts, and if they did, there were restrictions that the account had to write a certain number of checks a month, and have at least one automatic deposit going in each month, to qualify for the higher interest rate...And some banks have restrictions on how many deposits a small business can make per month to qualify for a non-fee checking account....We make 60 or more deposits in January, the month our dues are mostly collected, and very few deposits any other month, so our current bank takes that anomaly into consideration. And we write virtually no checks anymore due to having the “Bill Pay.”
Just look for money market and CD rates for small business accounts with a total balance of around $25,000.
The excerpt reads in part:
Our HOA is a WA State Non-profit corporation...Therefore, our account is classified as a small business account. Any HOA would fall under an account as per the type of organization it is....and likely they would all be business accounts and have to have an EIN number, etc., as we do... The credit unions that were recommended do/did not take business accounts, and if they did, there were restrictions that the account had to write a certain number of checks a month, and have at least one automatic deposit going in each month, to qualify for the higher interest rate...And some banks have restrictions on how many deposits a small business can make per month to qualify for a non-fee checking account....We make 60 or more deposits in January, the month our dues are mostly collected, and very few deposits any other month, so our current bank takes that anomaly into consideration. And we write virtually no checks anymore due to having the “Bill Pay.”
Just look for money market and CD rates for small business accounts with a total balance of around $25,000.