Banking details

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Banking details

Ethan Blanton-3
All,

Historically, the President and the Treasurer have had direct access
to the IM Freedom bank accounts.  However, our President is now in New
Zealand, and as we all know (or if you don't, you'll now learn),
International banking is a terrible thing to be avoided at all costs.

I will find out if Eion can be reasonably added as a signer on our
bank account.  However, whether he can or cannot, I suggest we discuss
a second board member to be given signer access to our accounts.

We may also want to consider changing financial institutions; the only
other board member who has immediate access to Old National (our bank)
locations is John, who cannot participate in financial transactions.
Matthew has one about 50 miles away.  When I move to Buffalo, the
closest location to me will be about 400 miles away.  We previously
found that this is actually a significant problem, as banks (even very
large banks, such as Bank of America or Chase Bank are in fact
shockingly local.  (For example, I have no BofA here, and there is no
Chase in Buffalo.)  The best we can do is find a compromise bank.  We
do have a PayPal account, and many transactions can be accomplished
online or by mail with most banks.  However, it's something to think
about.

I suggest that we change our signatories at ONB to myself, Eion, and
Matthew.  That gives us two officers who are likely to be able to
actually transact business at the bank if required, and keeps the
President on the list.  If adding Eion is problematic, I suggest
Matthew and myself.

Whatever we decide, I will need to update the signatories at the bank
to remove Sean.  I do not wish to do that until we have a new plan in
place, though, as in an emergency Sean can still help us out.

Ethan

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Re: Banking details

Eion Robb-3
Happy to be a signatory and I would agree that having the VP also as signatory would be beneficial regardless of whether I can or cannot be a signatory.

If there is an issue with myself being a signatory (like, I don't have a SSN or can't come into a branch to provide a physical signature), then I think we should consider having an alternative 3rd signatory.

Is our account(s?) set up to require 2 signatures or just 1 to approve payments?

On 25 August 2016 at 14:04, Ethan Blanton <[hidden email]> wrote:
All,

Historically, the President and the Treasurer have had direct access
to the IM Freedom bank accounts.  However, our President is now in New
Zealand, and as we all know (or if you don't, you'll now learn),
International banking is a terrible thing to be avoided at all costs.

I will find out if Eion can be reasonably added as a signer on our
bank account.  However, whether he can or cannot, I suggest we discuss
a second board member to be given signer access to our accounts.

We may also want to consider changing financial institutions; the only
other board member who has immediate access to Old National (our bank)
locations is John, who cannot participate in financial transactions.
Matthew has one about 50 miles away.  When I move to Buffalo, the
closest location to me will be about 400 miles away.  We previously
found that this is actually a significant problem, as banks (even very
large banks, such as Bank of America or Chase Bank are in fact
shockingly local.  (For example, I have no BofA here, and there is no
Chase in Buffalo.)  The best we can do is find a compromise bank.  We
do have a PayPal account, and many transactions can be accomplished
online or by mail with most banks.  However, it's something to think
about.

I suggest that we change our signatories at ONB to myself, Eion, and
Matthew.  That gives us two officers who are likely to be able to
actually transact business at the bank if required, and keeps the
President on the list.  If adding Eion is problematic, I suggest
Matthew and myself.

Whatever we decide, I will need to update the signatories at the bank
to remove Sean.  I do not wish to do that until we have a new plan in
place, though, as in an emergency Sean can still help us out.

Ethan

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Re: Banking details

Ethan Blanton-3
Eion Robb spake unto us the following wisdom:
> Happy to be a signatory and I would agree that having the VP also as
> signatory would be beneficial regardless of whether I can or cannot be a
> signatory.
>
> If there is an issue with myself being a signatory (like, I don't have a
> SSN or can't come into a branch to provide a physical signature), then I
> think we should consider having an alternative 3rd signatory.

You absolutely don't have to come into a branch (which is important in
that no one else will, either, to be set up; I can mail signature
cards); not having a SSN and/or US address are what I anticipate being
problematic.

> Is our account(s?) set up to require 2 signatures or just 1 to approve
> payments?

One signature is sufficient.  Multiple signers are more important for
auditing and accessibility purposes.  In particular, if I get hit by a
bus, IMF should be able to find someone to send flowers.  ;-)

Ethan

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Re: Banking details

Matthew
In reply to this post by Ethan Blanton-3
i'm fine being a signatory, and I agree it would make sense to at
least consider a bank that is more local to the signatories. It would
be nice to have branches local to as many board members as possible,
but I think that's just one factor in helping decide which branch if
there are multiple options local to the signatories.

On Wed, Aug 24, 2016 at 9:04 PM, Ethan Blanton <[hidden email]> wrote:

> All,
>
> Historically, the President and the Treasurer have had direct access
> to the IM Freedom bank accounts.  However, our President is now in New
> Zealand, and as we all know (or if you don't, you'll now learn),
> International banking is a terrible thing to be avoided at all costs.
>
> I will find out if Eion can be reasonably added as a signer on our
> bank account.  However, whether he can or cannot, I suggest we discuss
> a second board member to be given signer access to our accounts.
>
> We may also want to consider changing financial institutions; the only
> other board member who has immediate access to Old National (our bank)
> locations is John, who cannot participate in financial transactions.
> Matthew has one about 50 miles away.  When I move to Buffalo, the
> closest location to me will be about 400 miles away.  We previously
> found that this is actually a significant problem, as banks (even very
> large banks, such as Bank of America or Chase Bank are in fact
> shockingly local.  (For example, I have no BofA here, and there is no
> Chase in Buffalo.)  The best we can do is find a compromise bank.  We
> do have a PayPal account, and many transactions can be accomplished
> online or by mail with most banks.  However, it's something to think
> about.
>
> I suggest that we change our signatories at ONB to myself, Eion, and
> Matthew.  That gives us two officers who are likely to be able to
> actually transact business at the bank if required, and keeps the
> President on the list.  If adding Eion is problematic, I suggest
> Matthew and myself.
>
> Whatever we decide, I will need to update the signatories at the bank
> to remove Sean.  I do not wish to do that until we have a new plan in
> place, though, as in an emergency Sean can still help us out.
>
> Ethan
>
> _______________________________________________
> Board mailing list
> [hidden email]
> https://imfreedom.org/cgi-bin/mailman/listinfo/board



--

Matthew

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Re: Banking details

Ethan Blanton-3
Matthew spake unto us the following wisdom:
> i'm fine being a signatory, and I agree it would make sense to at
> least consider a bank that is more local to the signatories. It would
> be nice to have branches local to as many board members as possible,
> but I think that's just one factor in helping decide which branch if
> there are multiple options local to the signatories.

We were literally unable to find a bank local to any two board members
the last time we did this dance.  (Not that we necessarily can't do it
now, but ... it may be easier said than done.)

Ethan

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