It's worth at least $100 to each troop to read this and consider and I am in no way affilliated with any banking institution, this has all just been brought to my attention at my SU meeting last night.
Did you know that TD bank is now charging non-profits (as well as everyone else) a $15 per month fee if your account balance falls below $100 for personal accounts or $500 for business accounts? At one point in our town, everyone was told they HAD to open their GS account at Commerce (a fallacy, but that's what we were told). A leader brought this to my attention and I followed up with TD bank and our GSNNJ CFO. The fee is real. One of our leaders told us about a new affinity program for non-profits at Boiling Springs and we invited them to our SU meeting last night.
They are trying to attract non-profits. If you open a troop account at Boiling Springs, they will give you $100, plus charge no fees. Plus, if you sign up 20 accounts that will acknowledge their affinity to your troop, although the troop knows nothing about the people or finances of the accounts that support them, the troop will get a small %age bonus based on the balance in all the supporting accounts. They'll also let us bank online and have a debit card.
And they have a cool kids program - my kids have had accounts there for years. If you're under 19, if you open an account with at least $10 they'll give you $10. I'm planning to have my girls (with their parent's permission of course) each open a GS travel account at the bank that will link to our troop account. Won't be much money, but will help towards the 20 account minimum.
I don't know if there are Boiling Springs banks in your area or not, but if there is, it's worth considering. For more info, you can contact Patricia Langdale at the Mahwah branch 201-512-9300.
(201) 512-1239 home
(201) 248-0125 cell
Coldwell Banker Real Estate Consultant
300 Lake Street
Ramsey, NJ 07446