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
- 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.
- 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.
- 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.
- 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.
- 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
