Why Get A Society Bank Account?
One of the primary reasons to get a society bank account, the unincorporated kind is so you can link it up to your e-commerce wix.com website. We are not being paid to promote them, no association, aside from they are who we use, and even with little or no website building experience you can make a great website. For an e-commerce website with them, it's about $200 Canadian per year, give or take a bit. It also acts as a separate lawful entity. So you can build credit, rent space etc. Keep your personal name out of it.
You link that, with your society bank account. Ensure you put on your website all money given is a gift between independents. Enjoy receiving money globally from members, supporters, events etc., the sky is the limit.
The first reason is to understand why you need a bank account. A bank will want to know you have a program, with people wanting to give you money. Our University can provide you with the programs you will need. Just by working with us, you will need a bank account. We may be able to recommend a bank to you also.
You will need your founding member paperwork to your society. You will also need either legal id to start with, or your private id, as this is what we use at this point ourselves.
Welcome Students To:
Unregistered Unincorporated Society Bank Accounts.
(A Copy Is In The, Your Freedom, Your Way "How To" Rights Package.)
Process & Language To Use?
The bank account you want is under business accounts, even though you are not a business. You want an Unincorporated Sovereign Bank Account. This is for Unincorporated Societies, Lodges & Associations.
You will cross out any ALL CAPS spellings on the original contracts they get you to sign and put the regular capitalization, then both you and they initial the change. You will also sign with all rights reserved on the signature line, beside your name at the bottom of any contract.
We recommend not keeping to much money in the bank. Although we have never had an issue, you never know when the corporate state, may cease bank accounts. Shouldn't happen, but it's up to you, to protect your assets at all times, always.