How to Set Up Temporary Bank Accounts for Events
If you have an organization that holds events such as gatherings, meetings and parties, it may be wise to open a temporary bank account for funds associated with your events. It is possible to open a temporary bank account for events, but the process may be slightly different than opening a bank account for personal use.
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Things You'll Need
- Information on type of organization
- 2 forms of indentification, one must be government issued
- Initial deposit for the account
Instructions
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Identify what type of organization you have. A temporary bank account for events can be opened for various purposes, and the type of organization you have will affect the requirements for opening an account. According to a representative of Chase Financial, if the organization is a non-profit, a non-profit tax designation is required by the bank, and for for-profit organizations, a business license is required. For organizations that don't fit these two categories or for personal use, a personal bank account is recommended.
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Make an appointment with a personal banker at a local bank branch. You will need two forms of identification, and one of them needs to be a government issued ID. Once you're at the bank, fill out an application form for a temporary account.
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Designate the name for the account--such as the name of the organization or the event. According to a representative of Chase Financial, this establishes that the account will be used for funding your events. Set up other banking tools such as mobile banking and online banking.
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Keep the account active for a minimum of number of days. There may be a minimum time requirement to keep a new bank account open before they allow you to cancel it at at no charge. Some banks, like Chase, allow you to cancel after 90 days without a fee, while a $25 early termination fee will apply if you cancel prior to this minimum time requirement.
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Deposit $25 to $100 as the initial balance for the account. This amount varies depending on the policies of your bank, but generally only a small amount is required to be deposited since it's only going to be a temporary account. Temporary accounts usually have no annual fees. As an example, Chase bank requires a minimum deposit of $25.
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