Even though a church is a non-profit organization, it must still manage finances in the same manner as any other company would do. A church needs a bank account in order to be able to deposit offerings, pay operating expenses, salaries, etc.
It is important that the funds for the church be managed appropriately and “above reproach”. The best course of action to take is to open a checking account in the name of the church, which will make it possible to document all of the financial transactions that take place. This way, every transaction made by the church will be accounted for and easy to trace.
Just as important as choosing the right bank to take care of your church’s finances is choosing the right personnel to designate as the signatory for your church checking account. The person that is selected to manage the administrative department or the church treasurer is usually the best person to put in charge of the church’s checking account. Generally, it is a good idea to name two people on the checking account. For example, along with the church treasurer, you may also assign the church secretary or executive assistant as check signers.
Whomever you name on the checking account should be responsible and trustworthy. Make sure the person in charge properly documents all transactions and the church’s financial records are reviewed regularly through an internal audit process. This will help to avoid any financial improprieties in the future. If a church fails to designate appropriate personnel to handle the checking account, the result could be the mishandling of funds, loss of funds, inability to meet obligations, etc.
Choose the Best Bank
Finding the right bank for your church checking account is important and at Texas Republic Bank, we know that every penny counts. Furthermore, we know and value the vital role that local churches play in our community. That is why Texas Republic Bank offers a unique checking account that is tailored to meet the specific needs of your church. With the Shooting Star Checking for Non-Profits account, interest is earned and paid monthly (currently paying .8%) and you have the benefit of unlimited check writing. We do not charge a monthly service charge fee on this account and you will have access to free online banking as well as 24-hour access to account information via telephone.
The Texas Republic Bank church checking account provides versatility and several features that will make life easier for your church. This simple account makes it possible to manage your church’s finances quickly and easily. Online banking allows you to obtain copies of checks, make transfers between accounts, and check your balance in real time, all with the click of a few buttons.
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