Answers to your banking questions
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How can not-for-profits optimise their banking?
There are many ways organisations can optimise their banking.
One way it to ensure your not-for-profit (NFP) is making the most of ‘at call’ funds. Often, these are placed in a low interest bearing account when there are accounts such as the bankmecu Community Access Account which offers transactional access on a high interest bearing account.
You should also review transactional fees on a regular basis to ensure your organisation is conducting its banking in the most cost effective manner. For example, writing cheques is often more expensive than paying for expenses via internet banking.
Are there any special services or banking products available for not-for-profit organisations?
bankmecu has a range of products and services that meet the needs of NFP organisations. The most widely used is the Community Access Account. This is a high-interest account designed to meet the everyday banking needs of community sector organisations. It has no minimum balance, has a tiered interest rate based on the account balance and provides NFPs with a competitive rate of return on a transaction account.
In addition, bankmecu offers our NFP customer their very own Community Banking Manager. Someone who will take the time to learn about your organisation and always be there to assist. We also offer each NFP customer access to our Personal Banking team who are on hand to assist with day to day banking needs.
As a not-for-profit, what are the most important things to consider when choosing a bank account?
- Products which suit the needs of the organisation
- Competitive rates and low fees
- Safe and secure banking
- Value alignment between the organisation and the bank
- Access to statements and internet banking.
I also think it’s important to consider the following:
1. Will service be provided by someone who understands both banking and my organisation?
2. Are the values of my bank aligned with those of my organisation?
3. Will my bank take time to learn about my organisation and provide assistance to help my organisation reach its goals?
4. To what purpose is my money being used when I invest? Is it being used to fund projects that are congruent with the values of my organisation?
5. Who owns the profits that are being generated by my business with the bank? Is the bank transparent in its reporting?
6. Does the bank support my community and is it responsible towards the environment?
7. Does the bank engage with their customers to understand their needs?
