PMA - Bank Account

Required Information and Documents

Employer Identification Number (EIN):
- Obtain an EIN from the IRS for the PMA. This number serves as the organization’s federal tax identifier and is necessary for tax purposes and financial transactions.
Articles of Incorporation or Association Documents:
- Provide a copy of the Articles of Incorporation if registered as a non-profit, or similar foundational documents that show the establishment of the PMA and its legal status.
Governing Documents:
- Bring copies of the PMA’s constitution, bylaws, or other governing documents that outline the purpose, member structure, and rules of operation.
Board of Directors Resolution:
- A formal resolution from the board authorizing the opening of the bank account. This should specify who in the PMA has the authority to open the account and manage funds.
Identification Documents:
- Personal identification (such as a driver’s license or passport) of all individuals who will have signing authority on the account.
Initial Deposit:
- Many banks require an initial deposit to open a business account. The amount can vary depending on the bank’s policies.

Research Local and National Banks: Consider both local community banks and large national banks. Local banks might offer more personalized service and better understanding of local business environments, while national banks might provide broader services.
Account Features: Look for features that match the PMA’s needs, such as online banking, low transaction fees, good customer service, and compatibility with any accounting software you plan to use.
Non-Profit or Business Banking Services: Depending on whether the PMA is part of the non-profit or the for-profit arm of La Finka, it might benefit from specialized non-profit banking services that offer lower fees and additional support for non-profit operations.

Multiple Signatories: It’s advisable to require dual signatures for withdrawals to enhance security and accountability.
Online Access and Financial Management Tools: Ensure that the bank provides robust online banking services that can integrate easily with your financial management tools.
Review and Compare Fee Structures: Understand all potential fees associated with the account, including monthly maintenance fees, transaction fees, and any potential hidden costs.