[nc-budget] PROCEDURES FOR SETTING UP AN NC CHECKING ACCOUNT

["Cochetti, Roger" <rogerc@netsol.com>]

In preparation for tomorrow's teleconference of the Names Council Budget
Committee, I'm attaching a report that describes the procedures that we
would have to use to set up a Web-accessible checking account for an
unincorporated association with Citibank, which has branches in quite a few
countries.

You will note that Citibank is somewhat flexible on the constitutional
documents that are required to set up such an account and it permits
non-Americans to serve as co-signatories on checks.
>  
  




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> From: 	McAllister, Athena  
> Sent:	Thursday, August 24, 2000 6:49 PM
> To:	Cochetti, Roger
> Subject:	Unincorporated Associations
> 
> Roger, per your request I met with a representative from Citibank
> regarding a checking account for an unincorporated association. Although
> their web site (www.citibank.com) does not include information regarding
> unincorporated associations, I think the following should answer all of
> your questions. 
> 
> 1). Does Citibank have checking accounts for unincorporated associations?
> 	
> *	Yes, Citibank does have checking accounts for unincorporated
> associations.
> 
> 2). Does the checking account have accessibility on the world wide web?
> 
> *	Yes, the checking account would be available on the world wide web.
> The account would allow for  transfers to be made and checks to issued via
> the web. Additionally, Citibank offers its business clients a private
> software package which can be easily downloaded on individual computers,
> is free of charge and  would allow wire transfers on the account.
> 
> 3). Can the account have dual signatures with one of the signatures being
> a non- US citizen who resides outside of the United States.
> 
> *	Yes, one of the signatures could be a non-US citizen, but that
> person(s) would need to file a W-8 form with Citibank 
> 
> *	But, if you have this type of set up on the account Citibank then
> would have no way of monitoring or enforcing dual signatures on checks.
> The account could only be regulated as far as transfers and check writing
> through using Citibank's software package.       	
> 
> 4). Does the bank have a no fee checking account and do they have an
> interest bearing account?
> 
> *	 Yes, to both questions. However, with regards to the no fee account
> it would depend on the balance maintained and the transactions that would
> occur each month as to whether or not it would make the most sense, but
> again, it is an option. As for the interest bearing account, again it
> would depend on the same variables as to whether or not it would make
> sense. Additionally, a 501 C form would need to be filed with Citibank in
> order to prove your business is a non-for-profit to qualify for an
> interest bearing account. 
> 
> 5). Is the bank FDIC insured? 
> 
> *	Yes, Citibank is.
> 
> 
> 	Furthermore, the paperwork involved in opening an account would
> included the following: business information; names and titles of signers;
> bank references; tax certification; signatures; each person would have to
> complete a Citibusiness personal information form (including drivers
> license or passport and major credit card information.) Additionally, the
> unincorporated association would be required to provide a copy of either
> the Association's Constitution, By-Laws or Minutes.
> 
> 
> 	For more information on Citibank - Business Banking go to
> www.citibank.com/us/cbna/businessbanking/checksav.htm  
> 
> Let me know if you have additional questions.
> 
> Athena McAllister
> Policy Office
> Network Solutions, Inc.
> 703-742-4725 (direct)
> 202-466-9103 (fax)
>