Helpful hints for setting up a troop bank account!

Attention Troop Leaders! Follow these helpful hints for setting up your troop bank account: 

For additional information, check out these Guidelines: Checking Account Guidelines

  • Choosing a bank account:

o   Select a bank with an account that has the lowest service fees. 

o   Your troop bank account will have a lot of deposit activity during the product sale months, so make sure to ask if there is an item or dollar limit charge for deposits. 

o   Other charges to question: maintenance fees, returned check fees, account closing fees, and overdraft fees. 

o   The bank is required to give you a list of possible fees for the type of bank account you choose.  Make sure you keep this document and give a copy to each signer on the account.

  • Setting up the bank account:

o   Take an extra copy of the troop bank account agreement when you set up your troop bank account. 

o   Your bank account must have three signers, per the Troop Bank Account agreement. 

o   Give the extra copy to the bank officer that sets up the troop bank account and ask for their business card. 

o   Point out the refusal of overdraft protection at the end of the form to the officer. 

o   Follow up the next day by emailing the officer and confirming that the bank has a copy of the troop banking agreement on file.  Copy the email to your Service Unit Manager or Service Unit Treasurer.

 

For more information, contact the Council at 800-475-2621.