PTO Today Q&A

Question: HELP Opening PTO Bank Account

PTO Today community I need your help. We are forming our PTO, we went to Chase to open the account. They are refusing to open the account with the EIN, saying that we must open a joint account. They are also refusing to unlink the accounts to our personal accounts. Can someone please tell me where you're PTO's bank?


Asked by JARJARSBINKY

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Answers:

Advice from PTO Today

Craig writes:
I don' t have a specific recommendation for you, but that situation is not typical. If your group has your own EIN, most banks will open an account for you. Obviously, under no circumstances should you connect the PTO account to a personal account. I suggest calling the banks in your area to see whether any other would have that same objection. You might start with local banks rather than the big national chains. They might be more likely to make an effort to work with a small local organization. The article When To Change Banks offers some tips on choosing the right bank. Good luck.


Community Advice

badpants writes:
We're a catholic school, so our parent group chooses to bank with the catholic credit union even though our school/admin. has their account with another bank. I would suggest a credit union or local bank as well. Is your EIN the same or separate from your school?


Community Advice

JARJARSBINKY writes:
Thanks for the great suggestions. The EIN I got last year is separate from the school. Here in LAUSD, parent groups are considered seperate from the school.


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