The past year has been a turbulent one for Chicago nonprofit organizations, as rising rates and inflation dampen donations while raising operating costs. Put simply, Chicago nonprofits need all the support they can get—including access to the right financial tools to help you manage your money.
That’s where Byline is proud to give back. Our Not-For-Profit Checking Account is designed with your needs in mind, allowing you to manage your money with no monthly fees. Read on to learn more about our banking options for nonprofit organizations, as well as how our Not-For-Profit Checking Account can help you reach your goals.
What is a Not-For-Profit Checking Account?
A Not-For-Profit Checking Account is a low- or no-cost account intended to give back to nonprofit organizations.
In practice, the account works similarly to a business or personal checking account. You can make deposits and withdrawals, write or deposit checks, make ACH payments and use a debit card to make purchases or cash withdrawals. You’ll also have access to mobile and online banking to manage your organization’s account anytime, from anywhere.
Byline’s Not-For-Profit Checking Account is quick and easy to set up, requiring a $100 deposit to start. And because our Not-For-Profit Checking Account is insured by the Federal Deposit Insurance Corporation (FDIC), deposits are protected up to the standard deposit insurance amount of $250,000.
Which organizations qualify for a Not-For-Profit Checking Account?
Not-For-Profit Checking Accounts at Byline are available for any tax-exempt nonprofit organizations in the Chicagoland area.
What are the benefits of a Not-For-Profit Checking Account?
While a Byline Not-For-Profit Checking Account functions similarly to a business checking account, it offers some significant benefits:
1. No monthly costs
Unlike many personal and business checking accounts, it doesn’t cost you anything to maintain a Byline Not-For-Profit Checking Account. There are no monthly maintenance fees and no minimum required balance.
2. Generous free transaction limits
Each Not-For-Profit Checking Account includes 1,000 free monthly transactions, which means many nonprofit organizations can bank for free. However, the account offers flexible service that can grow with you—and if you need more than 1,000 transactions, you can make additional transactions for a small fee1.
Pro tip: Byline’s Not-For-Profit Checking Account offers four times the number of free monthly transactions (1,000 free transactions per month) as our Makers Checking Account (250 free transactions per month). Byline’s Makers Checking Account is intended for businesses with straightforward banking needs.
3. A low minimum deposit to open
We know times are lean for many nonprofit organizations, and you can open a Not-For-Profit Checking Account with as little as a $100 deposit. Our Makers Checking Account, by contrast, requires a $500 minimum deposit to open.
4. A customer-friendly mobile banking experience
Opening a Not-For-Profit Checking Account allows you to manage your money using the Byline Bank Business Mobile app. Using the app, you can easily check your account balance, pay bills, transfer money and deposit checks on the go. You can also search recent transactions to stay on top of recent donations and deposits, as well as track expenses to manage cash flow.
5. Debit cards with fee-free withdrawals
Each Not-For-Profit Checking Account comes with business debit cards that are accepted anywhere Mastercard® is accepted. You’ll also be able to use the card to make fee-free withdrawals at any Byline branch as well as at thousands of Allpoint® ATMs located across the U.S.
Go the extra mile with Treasury Management
When you open a Not-For-Profit Checking Account with Byline, you’ll get more than just a checking account—you’ll also gain a trusted financial partner with a suite of services to meet your needs.
Byline’s Treasury Management services can include merchant services that make it easy to meet donors where they are and offer flexible payment options—whether they prefer to pay via credit card, mobile wallets, e-commerce or other payment technologies.
Our fraud and risk management solutions also help keep your money safe, with Positive Pay protection against forged and altered checks, the ability to approve outgoing checks before they clear your account and fraud protection for ACH debit transactions.
Find your ideal banking partner by banking local
Selecting a bank isn’t just about gaining access to the products and services you need—it’s also about finding a trusted partner that shares your core values and cares just as much about the local community as you do. And that’s where a community-focused bank can shine.
A locally focused banking partner stays on top of what’s happening in the local business and nonprofit community so that they can anticipate your needs—and help you adapt to challenges that may arise. With deep roots in the communities you serve, they also deeply understand your mission and can suggest financial strategies to help you reach your goals.
Finally, a bank that values being a good corporate neighbor just “gets” the value you bring to the community and can become a potential partner for sponsorships and volunteer opportunities.
Byline is here to help
With branches across the Chicago metropolitan area, we’re in your neighborhood and ready to help you reach your goals. Learn more about our services for nonprofit organizations, or stop by your nearest branch today.
At Byline, we take the time to get to know your business. Whether you’d like to improve cash flow, expand operations or update equipment, our team can customize financing and treasury solutions to help. Get in touch.
