Non-Profit Accounts
A non-profit checking account is specifically designed to meet the unique banking needs of non-profit organizations, charities, foundations, Public Funds, 501c3s, and other tax-exempt entities. These accounts are interest bearing with competitive interest rates and provide a centralized platform for depositing funds, making payments, collecting donations and tracking transactions related to the organizations mission and operations.
Interest
Rates
● Our Checking Accounts and our Money Market Accounts earn interest
● Competitive Interest Rates, compounded and paid monthly
Monthly
Charges
● No monthly fee
● No withdrawal limitations
● Free paper and electronic monthly statements – including check images
Secured
Storage
● Deposits insured by FDIC
● Front-line trained in detecting scams
● Debit card fraud prevention
● Multi-factor authentication
Online
Banking
● Check your account balance
● Paying billls
● Remote deposit checks
● Transfer money between accounts
Accounts are intended for non-profit, 501c3, and public funds
![Crystal Doering is the Iowa Falls State Bank's Senior Vice President, Marketing Director, and the Retail Manger. She is able to assist with opening all types of accounts.](https://ifsb.com/wp-content/uploads/2024/03/Crystal-Doering-Square.jpg)
![Angela (Angie) Ziesman is one of our CRSs at Iowa Falls State Bank. A CSR is a someone who handles customer service and is an account representative.](https://ifsb.com/wp-content/uploads/2024/05/Angie-New-Background-Darker-Square.jpg)
![Joni Megivern](https://ifsb.com/wp-content/uploads/2024/07/Joni-Megivern-scaled.jpg)
![Alyson Wilson](https://ifsb.com/wp-content/uploads/2024/06/Alyson-Wilson-Square.jpg)
Current Rates
Type | Balance | Interest Rate / APY** | Margin to FFR*** | Checking* | No minimum | 2.27% APY** |
---|---|---|---|
Money Market | $0 – $50,000 | 0.2.50% / 2.53% | -2.75 |
$50,000 – $100,000 | 2.75% / 2.78% | -2.50 | |
$100,000 – $250,000 | 3.50% / 3.55% | -1.75 | |
$250,000 – $1,000,000 | 4.00% / 4.07% | -1.25 | |
$1,000,000 + | 4.25% / 4.33% | -1.00 |
***FFR = Federal Funds Rate, this is variable rate, tiered based on account daily balance.
Types of Accounts
Minimum Checking Account Balance: None
Monthly Service Fee: No service charge.
Monthly Statement: Monthly paper statements; check image (s) not returned. E-Statements available.
Checks Provided: One box of free standard checks at account opening.
Instant Issue Debit Card: Made in-house debit cards for anyone on the account.
Transaction Limit: None
Minimum Money Market Account Balance: None
Monthly Service Fee: No service charge.
Monthly Statement: Monthly paper statements; check image (s) not returned. E-Statements available.
Checks Provided: No
Transaction Limit: A service fee of $5 will be charged for each debit transaction (withdrawal, check paid, automatic transfer, or payment out of this account) in excess of 6 during a month.
Eligibility and Benefits
To qualify for a non-profit checking account or money market, organizations must meet certain eligibility criteria, such as :
➤ Being registered as a tax-exempt entity with the Internal Revenue Service (IRS)
➤ Provide relevant documentation of verify their non-profit status
Financial Management: Non-Profit accounts provide organizations with a centralized platform for managing their finances, simplifying cash flow management, expenses tracking, and financial reporting.
Transparency: By maintaining separate account(s) for their Non-Profit activities, organizations can enhance financial transparency, accountability, and compliance with regulatory requirements, fostering trust and credibility among donors, stakeholders, and the public.
Additional Benefits and Features:
➤ Open an account and receive a “For Deposit Stamp” personalized for your Non-Profit.
➤ The ability to set up a sweep between accounts to maximize your interest earnings by specifying criteria such as minimum or maximum balance threshold or specific dates for the transfer of funds between two accounts.
Identification Required
Each person will need one primary and one secondary form of identification to open an account at our financial institutions.
● Unexpired Driver’s License bearing the individual’s photograph
● Unexpired Passport bearing the individual’s photograph
● Unexpired State Photo Identification Card
● Current Military Identification Card
● Alien Registration Card
● Certified copy of birth certificate for persons 16 or younger unable to present other acceptable documents and a student ID card
● Social Security Card
● Medicare, Medicaid or other insurance card
● Voter Registration Card
● Property Tax Bill
● Major Credit Card
● Matricula Consular Card (Mexican National ID Card)
Information Required
You will need to provide all the documents listed underneath the business entity that you are registered with the state as.
- Name and Physical Address
- EIN verification paperwork from IRS or Tax Identification Number
- Evidence of good standing with the state
- ID and verification for each signatory
- Operating agreement
- Articles of Organization
- Certificate of Existence
- Name and Physical address
- EIN verification paperwork from IRS or Tax Identification Number
- Evidence of good standing with the state
- ID and verification for each signatory
- Articles of incorporation
- Articles of Organization
- Certificate of Existence
Non-Profit Accounts
Non-profit checking and money market accounts offer convenient banking solutions tailored to the unique needs of non-profit organizations, empowering them to focus on their mission and achieve their charitable goals effectively. Supporting non-profit organizations through dedicated checking accounts contributes to the overall well-being of communities by facilitating the efficient delivery of essential services, programs, and initiatives that address social, environmental, and humanitarian needs. In summary, non-profit accounts provide non-profit organizations with essential banking services and features tailored to their unique needs, enabling them to manage finances effectively, maintain financial transparency, and maximize their impact on the communities they serve.
Still not sure if these are the right accounts for you?
Stop in or give us a call at (641) 648 – 5171 and we will help find the best accounts for your needs!
The Patriot Act
Important Information About Procedures for Opening a New Account
To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account.
What this means for you
When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. In addition, we may also ask to see your unexpired driver’s license or other identifying documents.
Account Opening for a Legal Entity
We are required to ask you for identifying information (name, address, date of birth, social security number, as well as identification documents) for:
➣ Each individual that has beneficial ownership (25% or more)
➣ One individual who has significant managerial control of the Legal Entity
If you are opening an account on behalf of a Legal Entity, you will be required to provide the appropriate documentation and to certify that this information is true and accurate to the best of your knowledge.
***FFR = Federal Funds Rate, this is variable rate, tiered based on account daily balance.