• Banking Recommendations

    Posted by barrsf on March 21, 2024 at 1:17 pm

    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!

    John replied 2 weeks, 3 days ago 4 Members · 3 Replies
  • 3 Replies
  • Chanda

    March 21, 2024 at 1:53 pm

    Where are you located? If you’re in the Bay Area, I’d recommend Amalgamated Bank.

  • heather

    March 28, 2024 at 12:02 pm

    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.

  • John

    March 28, 2024 at 12:34 pm

    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