4 Questions for Nonprofit Leaders to Consider When Choosing a Bank

Running a nonprofit can be rewarding, and it can involve a lot of moving parts and decisions when determining how best to serve your community. One of the important choices many leaders have to make early on is who to partner with for their bank. The right bank can help a nonprofit fulfill its mission and will be a useful resource as they grow. What are some factors to consider when the time comes to choose a new bank?

1. Does the bank have tools that are tailored for your needs?
   You want a bank that will function as your partner and that takes your mission seriously. It’s important to find a banker to handle your account who will answer your emails and pick up your phone calls when you have questions. Plus, you want a bank with a variety of online tools and accounts that can be personalized for your nonprofit. 


2. What fees are associated with the accounts you’re exploring?
   When picking the right bank and type of bank account for your nonprofit, you’ll want to look at any fees associated with the account. You'll also want to see if there is an account that you can use that will earn interest (like Atlantic Union Bank’s Nonprofit Interest Checking Account).


3. Does the bank you’re considering have nonprofit experience?
   Nonprofits have some specific requirements when it comes to managing their money. There are different tax regulations, and many nonprofits have different managing structures than for-profit enterprises. It’s important to find a bank that is used to working with nonprofits and understands the particular challenges and opportunities that come along with managing a nonprofit.


4. How does the bank impact the local community?
   When looking for a bank to partner with, it’s important to find one that has a positive impact on the world around them. Many banks publish a Corporate Social Responsibility (CSR) Report, which details the ways in which they’ve contributed to their communities and been a responsible corporate citizen. You can find Atlantic Union Bank’s CSR report here. You can also talk with a banker about the ways they are giving back to their community.

While these are only a few of the questions to consider, they are some of the most important. If you have specific questions, or want more information about how Atlantic Union Bank serves nonprofits, we invite you to reach out.