Topic: FAQs

Is an EIN the Same as a Tax Exempt Number?

What is a tax-exempt number, and how does it differ from your EIN? If you’re going to be reselling products, you’re going to need both an EIN and a tax-exempt number. Here’s what you need to know. First: an EIN is an Employer Identification Number, also known as your Federal Tax ID Number. It’s used […]

How to Open a Bank Account for a Community or Volunteer Group

To open a bank account for a community or volunteer group, you need to start by obtaining an Employer Identification Number (EIN). Issued by the federal government, this nine-digit number acts as a unique identification number for your group, and you can include this number on tax documents as well as banking forms. To streamline the process […]

How to Open a Bank Account for a Block/Tenant Association

A tenant’s or block association allows groups of neighbors to work together for common goals, and if you want to collect dues for your association so that you can make purchases or cover administrative costs, you need a bank account to hold those funds. You can open a joint personal account using the personal details of the […]

How to Open a Bank Account for a Homeowners/Condo Association

When forming an HOA or a Condo Association, it’s important to first open a bank account. An HOA is responsible for collecting dues and paying for maintenance and expenses, which can’t be done without a checking account. To open a checking account, an HOA first needs an EIN. Once an HOA has an EIN, it […]

How to Open a Bank Account for a Farmers’ Cooperative

Farmers’ Cooperatives are groups of individual farmers who come together to pool their resources. Farmers Cooperatives sometimes trade goods and services, share equipment, or take out combined loans and grants to better their business. Regardless, they need to manage their finances together, which means they usually need a bank account. To open a bank account, a […]

How to Open a Bank Account for a Household Employer

As of 2019, if you pay more than $1,000 in wages to multiple household employees or more than $2,100 to a single household employee per year, you need to pay employment taxes. Also called payroll taxes, these include Social Security contributions and Medicare taxes as well as income tax withheld from your employees paychecks. To […]

How to Open a Bank Account for a Plan Administrator

As the administrator of a retirement plan, you have a number of fiduciary responsibilities to the plan participants, which includes ensuring the cost of assets doesn’t exceed their fair market vehicle, creating a fair return based on prevailing market rates, and maintaining ample liquidity to permit distributions. You also have to keep a variety of records, […]

How to Open a Bank Account for a REMIC

A Real Estate Mortgage Investment Conduit (REMIC) is a special type of investment that is formed from a mortgage pool. As a bond, it does not require a bank account to be opened, because it’s a separate financial investment vehicle altogether. Instead, it would be purchased by investors on the secondary market. REMICs may also […]

How to Open a Bank Account for a Withholding Agent

A withholding agent is anyone who manages funds for payroll. The role of a withholding agent is to pay out individuals, while also managing the necessary payroll taxes and withholding. As an intermediary, a withholding agent will usually need their own bank account. The definition of a withholding agent is fairly broad. It can be […]

How to Open a Bank Account for a Memorial or Scholarship Fund

A memorial or scholarship fund is a great way to memorialize a loved one after their death. To store donations to the fund, earn interest, and make distributions to charities or scholarship recipients, your fund needs a bank account. Banks require funds to have names and tax identification numbers to get accounts, just as they require individuals […]

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