What you need before you start

A nonprofit bank account requires different paperwork than a personal account. Banks will ask for your Employer Identification Number (EIN), which the IRS issues to nonprofits, and proof that your organization is registered as a nonprofit in your state. You will also need to show the bank your nonprofit's bylaws or articles of incorporation, and the names and identification of the people who will sign checks or move money.

The account itself is not free. Most banks charge monthly fees for nonprofit accounts—typically $10 to $25 per month—though some waive fees if you maintain a minimum balance or meet other conditions. A few banks offer accounts specifically designed for nonprofits at lower cost, so comparing before you apply saves money over time.

You cannot open a nonprofit account with a personal Social Security number. The IRS EIN is required, and you must have it before you walk into the bank or apply online. If your nonprofit does not yet have an EIN, you can request one from the IRS for free—it takes about 15 minutes by phone or a few days by mail.

Key Takeaways

  • You must have an IRS Employer Identification Number (EIN) before opening a nonprofit bank account; a personal Social Security number will not work.
  • Banks require proof of nonprofit status, such as your state registration certificate or articles of incorporation, plus your organization's bylaws.
  • Nonprofit accounts typically cost $10 to $25 per month, though some banks waive fees for nonprofits that maintain a minimum balance.
  • You will need to name the people authorized to sign checks and access the account, and bring their government-issued identification to the bank.
  • Some banks specialize in nonprofit accounts and may offer lower fees, online tools for grant tracking, or other features designed for mission-driven organizations.

Getting your EIN from the IRS

The IRS issues an EIN to every nonprofit organization. You do not pay for it. You can request one by phone, by mail, or online through the IRS website. The fastest method is by phone: call the IRS Business and Specialty Tax Line at 1-800-829-4933 and have your nonprofit's legal name, address, and formation date ready. The IRS will issue your EIN on the spot and email it to you within a few minutes.

If you apply by mail, send Form SS-4 to the IRS address listed on the form itself. Processing takes about two weeks. Online applications through the IRS website also take a few days. Once you have the EIN, write it down and keep it in a safe place—you will use it for the bank account, tax filings, and any grants or donations your nonprofit receives.

Documents to bring to the bank

Bring these items when you open the account in person, or upload them if you apply online:

  • Your EIN letter from the IRS, or a screenshot of your EIN if you received it by email.
  • Your articles of incorporation or certificate of nonprofit status from your state. This proves your organization is registered as a nonprofit.
  • Your bylaws or organizational documents that show how the nonprofit is structured and who has authority to sign checks.
  • Government-issued photo identification for each person who will be authorized to sign checks or access the account online. A driver's license or passport works.
  • A board resolution naming the authorized signers, if your bylaws require one. Some banks ask for this; others do not.

If your nonprofit is very new and does not yet have all these documents, ask the bank what it will accept in the meantime. Some banks will open an account with just the EIN letter and one piece of identification, then ask you to provide the other documents within 30 days.

Choosing between banks and account types

Most large national banks offer nonprofit accounts, but the fees and features vary. Chase, Bank of America, and Wells Fargo all have nonprofit programs, though fees typically run $15 to $25 per month. Credit unions often charge less—sometimes $5 to $10 per month—and some waive fees entirely for nonprofits that meet their membership requirements.

Specialized nonprofit banks and fintech platforms designed for nonprofits may offer lower fees, built-in grant tracking, or tools to manage restricted funds (money donors give for a specific purpose). Organizations like Nonprofit Finance Fund or local community development financial institutions (CDFIs) sometimes offer accounts with lower minimums and fees tailored to small nonprofits.

Before you choose, call or visit the bank's website and ask: What is the monthly fee? Is there a minimum balance? Do they waive fees for nonprofits? What online tools do they offer? Can you set up multiple accounts for different programs or funds? The answers will help you pick the account that fits your nonprofit's size and needs.

Who can sign checks and access the account

Your nonprofit must name at least one authorized signer—usually the executive director, treasurer, or board president. Many nonprofits name two or three people so that checks require two signatures, which is a safeguard against fraud. The bank will ask for the full legal name and government-issued ID of each authorized signer.

You can also set up online access so that authorized people can view the account, transfer money, or pay bills without going to the bank. The bank will issue login credentials and may require a second form of identification (like a code sent to a phone number) before allowing large transfers. Make sure your nonprofit's bylaws or board resolution say who has the authority to do this, because banks will ask.

If an authorized signer leaves your nonprofit, contact the bank immediately and ask them to remove that person's access. Do not wait—the longer you delay, the greater the risk of unauthorized withdrawals.

What happens after you open the account

Once the account is open, the bank will give you a routing number and account number. Use these to set up direct deposit for grants, donations, or payroll. You will also receive a debit card and checkbook if you request them, though many nonprofits now use online transfers instead of checks.

The bank will send you a monthly statement showing all deposits and withdrawals. Keep these statements for your nonprofit's records and for your annual tax filing with the IRS. If your nonprofit receives grants, donors often ask to see bank statements as proof that money was spent correctly.

Some banks offer free training or webinars on nonprofit accounting, grant management, or fraud prevention. Ask whether your bank provides these resources—they can help your board understand how to manage the account responsibly.

Frequently Asked Questions

Can I use my personal bank account for nonprofit money?

No. Mixing personal and nonprofit money creates legal and tax problems. The IRS expects nonprofits to keep separate accounts, and donors and grantmakers will ask to see nonprofit bank statements. A personal account also puts your personal assets at risk if the nonprofit is sued.

What if my nonprofit does not have a physical address yet?

Most banks require a mailing address for the nonprofit, but it does not have to be an office. You can use the address of a board member, a PO box, or a virtual office service. Tell the bank this is a temporary address and update it once your nonprofit has a permanent location.

Do I need a business license to open a nonprofit bank account?

No. You need your state nonprofit registration and your EIN from the IRS. A business license is for for-profit businesses, not nonprofits. Your state registration certificate is what the bank will ask for.

Can I open a nonprofit account online, or do I have to go to a branch?

Many banks now allow you to open a nonprofit account online by uploading your documents. However, some banks still require you to visit a branch in person and bring original identification. Check your bank's website or call ahead to find out which option they offer.

What if the bank rejects my nonprofit account application?

Banks sometimes reject nonprofit accounts if the EIN does not match the organization name, if the nonprofit is not registered in the state, or if there are red flags in the background check. Ask the bank why they rejected you, fix the problem, and try again. If one bank says no, try another—different banks have different standards.