Meeting Minutes

Meeting Details

• Meeting Title: Committee Meeting for New Bank Account Opening
• Date: October 20, 2024
• Time: 3:00 PM – 4:30 PM
• Location: Conference Room A, Main Office
• Attendees: John Doe (Chairperson), Jane Smith (Treasurer), Michael Johnson (Secretary), Emily Davis (Member), Alex Lee (Member)
• Absent: None

Call to Order

• Opening: The meeting was formally opened at 3:05 PM by John Doe, the Chairperson.

Objective

• To discuss and decide on the opening of a new bank account for the organization, including the selection of the bank, type of account, and signatories.

Discussion Points

1. Bank Selection:
   • Options Reviewed: Three banks were considered based on their service offerings, fees, proximity, and customer service ratings: Local Bank A, National Bank B, and Credit Union C.
   • Decision: After discussion, National Bank B was chosen for its comprehensive online banking services, lower fees, and dedicated account manager for organizational clients.
2. Type of Account:
   • Options Reviewed: Checking accounts, savings accounts, and high-yield savings accounts were discussed.
   • Decision: The committee decided to open a checking account for day-to-day operations and a high-yield savings account for reserves.
3. Signatories for the Account:
   • Discussion: The need for multiple signatories for withdrawal and check signing purposes was acknowledged.
   • Decision: It was agreed that John Doe, Jane Smith, and Michael Johnson would be the signatories on both accounts.
4. Required Documentation:
   • Michael Johnson outlined the documentation required by National Bank B for account opening, including organizational bylaws, incorporation documents, and identification documents for signatories.
   • Action Item: Jane Smith to gather and prepare all necessary documents by October 27, 2024.
5. Online Banking Setup:
   • Discussion: The importance of online banking for ease of management and transparency was discussed.
   • Decision: Emily Davis volunteered to oversee the setup of online banking once the accounts are opened, with support from Alex Lee.

Next Steps

• Bank Account Opening: Jane Smith to schedule an appointment with National Bank B for October 29, 2024, to open the accounts.
• Online Banking Setup: Emily Davis and Alex Lee to coordinate with the bank’s IT department by November 5, 2024.

Adjournment

• Closing: The meeting was adjourned at 4:20 PM by John Doe. He thanked everyone for their contributions.

Next Meeting

• Date and Time: To be scheduled upon confirmation of the bank account opening, approximately early November 2024.

Prepared by:

• Michael Johnson, Secretary

Date:

• October 21, 2024