1. Join National Cooperatives Bank
A while ago we looked at leaving Wells Fargo and joining the NCB, but the discussion died with no resolution. Do we qualify to have a business account with NCB? If we do we might qualify for an interest bearing checking account.
I can't find anything to indicate that we wouldn't be eligible for a business account with the NCB. [http://www.ncb.coop/uploadedFiles/Applications_and_Forms/Commercial/Business%20Deposit%20Account%20Application.pdf] is the NCB application for a business deposit account. Interest-bearing checking accounts are available to nonprofits, but "some nonprofit organizations may not qualify." The website has phone numbers for banking and nonprofit specialists, as well as a general contact form.
2. Moving Member Deposits to an Interest Bearing Account
We could open an account for storing member deposits into a savings or similar type of account and perhaps make a small amount of interest. Member deposits tend to not be touched often (if needed only the lower 2/3 of the balance could be stored in the interest bearing account), and so would be ideal for storing this way. What are the rules for HCoop as a non-profit corporation with regard to interest? Do we have to disburse gained interest to member balances, or could it instead go into a general use fund?