Bank Fees Eating Your Club’s Account?

Many clubs, especially open ones who are not associated with a company, school or church, have the banking blues. Their accounts are getting whacked with fees, monthly charges and low balance hits.

If you collect $12-$18 dollars ($2-3 a month) dues from your club members, a $15 a month deduction can be a serious balance dwindler. You need those dues for ribbons, pins, awards and other things that can crop up.

What can you do?

Brandon Wheatley at Toastmasters International says they get calls from clubs all the time asking for advice on where they should bank. Here is what he said other clubs, especially those just starting out, have successfully done in the past –

  • If the club is associated with another organization, such as a company, educational institution or a church, see if you can deposit into their bank account. This may cause issues when you have to pay new member dues to TI or purchase supplies, so be sure a procedure is in place that their accountant approves.


  • Go with a local banking institution instead of a national chain. Often times they can flex the rules for non-profit, civic organizations like Toastmasters whereas the bigger banks have more rigid, corporate guidelines they must follow.


  • Try a credit union. These financial institutions often have no minimum balance requirements and offers free debit cards. Just make sure they will open a “business” account.

All banking institutions will need an EIN – Employer Identification Number. When your club chartered, it most likely had to file for one, particularly if the club is not associated with a corporation or organization.If you look in Club Central on the TI website under  “update my club’s meetign location:”, you will find your EIN number at the bottom.  If the bank or credit union needs the actual IRS letter with that EIN on it and you cannot locate that, you can call the IRS at 1-800-829-4933 and they will fax or send you on in the mail at no charge.

Contact Brandon at Toastmasters International ( if you need a copy of the non-profit exempt or 501(c)(3)letter. Some financial institutions will request that as well.

If you need help, contact the District Treasurer and Past D25 Governor, Diana Patton at

Julie Cosgrove, ACS, ALB
D25 News Editor