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let us join your team

the background

 

We like to think we’re team players. That’s why we created our organizational chequing account. This account is specially designed for not-for-profits, school clubs, committees, and sports teams, so you can keep doing your thing!

 

Special benefits of this account include being able to have multiple signers (we’ll need to see meeting minutes and two pieces of ID per person to authorize them.) You can also order organization cheques for a small fee, which will help you avoid the hassle of reimbursing your members. Speaking of cheques, people can make those directly out to your group / team instead of an individual. It makes you look very legit.

 

The Proceeds of Crime and Terrorist Financing Act (as dictated by FINTRAC) requires all financial institutions (this means us!) to identify members who conduct financial transactions. In order to comply with this we must record a member’s legal / physical address, in addition to the mailing address if it is different, and we must have valid and up-to-date identification on file. 

 

If someone other than the account holder makes deposits to an account we are also required to record his or her identification information. The identification we require is a valid birth certificate, driver’s license, or similar document. 

 

when becoming a signer on an organization account

 

We are required to document the following information for each individual: 

 

  • Full legal name
  • Legal and mailing address
  • Phone number
  • Date of birth
  • Valid photo identification (drivers license, passport, Indian status card, firearm card, etc.) – copy required
    • If a junior member is going to be set up as a signer on an organization account and they do not have their own photo ID, a copy of a parents / guardians ID must be provided 
  • Social insurance number
  • Occupation
  • Employer’s name, address, and phone number 

 

When opening a new account or updating signers on an existing account 

 

Regulations require we document the following: 

 

  • Name of the organization
  • Confirmation of existence (business registration, registered charity documentation, team roster signed by coach(es), reference to website or social media outlet)
  • For incorporated organizations, we require a copy of the Articles of Incorporation
  • Meeting minutes – must outline who the signers will be on the account, what position they hold, if internet banking is to be issued on the account (for purposes of printing statements and reviewing transactions only – organization accounts do not have the ability to transfer funds or pay bills as they are set up as with two signatures required)
  • Legal and mailing address
  • Phone number

 

For signers on organizational accounts who are already Sunova members, we require that their membership numbers be added to the account as well as their signatures on account documentation. Even though you may be a current signer on an organizational account, regulations require that all contact information and identification we have on file for any membership is up-to-date and accurate.

 

features of an organizational account

 

  • No monthly service fee.
  • No monthly share purchase required.
  • No minimum monthly balance required.

have questions?

Help HQ is here to, well, help! Give us a call at 1.833.378.6682 or start a chat session below!

Help HQ staff are available during the following hours:

Monday – Friday: 8:00 am – 8:00 pm

Saturday and Sunday: 8:00 am – 4:00 pm

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