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Banking Recommendations
I have a client that is a smallish but growing nonprofit in CA (~$4m in revenue this year). We are quite unhappy with our current banking relationship and are looking to make a change. We are looking for good service, great online presence, and creative ways to work around the FDIC deposit limits. Any recommendations would be greatly appreciated; thanks!
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5 Replies
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Where are you located? If you’re in the Bay Area, I’d recommend Amalgamated Bank.
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See if you can find a bank where you can set up a sweep account. It will sweep funds over $250K and spread the cash into multiple FDIC-insured accounts. We will lose our sweep account once we transition over to Chase, who acquired our bank. Chase doesn’t offer this option, so we’ll be looking also.
We also purchased government funds through Schwab for our current cash. We’re earning better interest than our bank, and we can access the funds within ~one day. This is separate from our reserves, which are invested using a long-term strategy.
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Amalgamated Bank has offices in NYC and Boston. They have national banking options. As a fractional CFO, I recommend them often. Contact Kathy Gasperine at KathyGasperine@amalgamatedbank.com.
John Gillespie
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Hi there!
My name is Joe and I am a banker based in Maine and I work for a community bank that specializes in nonprofit banking nationally. I would love to have a conversation with you if you are still on the search for your client
My contact info is:
Phone: 781-783-1735
Email: josephmorse@hinghamsavings.com
We offer competitive rates on deposits, no fees, extended FDIC insurance and a dedicated team. I hope to hear from you soon!
Best,
Joe Morse
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We have been very happy with Relay Financial, an online only interface. You can create numerous sub accounts and issue debit cards, virtual or physical. So easy to use. Underlying bank is Thread Bank and balances over $250k are spread out to provide protection. No cost or $30/mo for free wires and same day ACH. Support has been good too.