Nonprofit Business Checking

As a financial partner for the community and a participating partner for many nonprofits, Merchants offers a nonprofit business checking account to help enable your organization to do even more good for your community.

What is a nonprofit checking account?

A nonprofit checking account is a special type of checking account designed with nonprofit businesses in mind. Nonprofit checking accounts are set up to minimize the cost of banking and increase earnings potential for the organization. Typically these accounts have parameters that nonprofits find beneficial, such as little or no minimum dollar amount required to open the account, interest earned on the account balance and a low monthly fee. In addition, nonprofit checking accounts usually have no or low charges on each transaction (for example, a debit card payment, check deposit or ACH), which can be important when comparing against some traditional business checking accounts. Explore the features of Merchants Bank's nonprofit checking below.

Nonprofit Business Checking Account Features

If you’re ready to open this account for your nonprofit organization, contact your local branch and schedule an appointment with your banker. Or fill out our Contact Us form online to have a banker follow up with you. To prepare for your appointment, read the Frequently Asked Questions below, which provides a list of helpful documents to bring when opening your nonprofit business checking account.

Compare Business Checking Accounts

Account FeaturesSmall Business CheckingBusiness CheckingInterest Bearing Business CheckingNonprofit Business Checking
Minimum Opening Deposit$0$0$0$0
Free Chip Debit Card with ATM Access and MasterCard® Easy Savings Program
Monthly Fee$0$8$8$8
Monthly Free Transaction Items
Per Transaction Charge
Borrowed Funds Raten/aPrime+3%Prime+3%Prime+3%
Earnings Credit
Earns Interest
Overdraft Line of Credit*AvailableAvailableAvailableAvailable
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*Subject to credit approval. 

Innovation and inclusion are at the heart of our mission, and I credit our partnership with Merchants for helping us get to a place where I can fully concentrate on mission.

Sue Mackert


What type of bank account is best for a nonprofit organization?

Finding the right bank account for your nonprofit is important to ensure you are making the best use of your organization's dollars. First and foremost, you'll want to have a checking account specifically for your nonprofit to keep the money for the organization separate. Not only is this helpful when it comes to accounting and record-keeping, but a separate account is a best practice for tax and legal purposes as well.

As mentioned above, many financial institutions offer specific nonprofit business checking accounts so that may be a great option to review first. An account designed for nonprofits usually has perks like earning interest, lower or no fees and more to make your money go further as you work toward your organization's mission.

In addition to a checking account, your nonprofit may want to explore savings vehicles like a traditional savings account, certificates of deposit or ICS/CDARs for larger dollar amounts. Talk to your local banker about your goals, priorities and funding needs to find the accounts and banking tools best suited for your needs.

How much money can a nonprofit have a in a bank account?

There is essentially no limit on the amount of money a nonprofit can have in a bank account. However, it's helpful to discuss the average balance you plan to maintain in a nonprofit business checking account with your banker. Depending on the inflow or outflow of cash you expect over the course of the year, you may want to consider additional banking tools or accounts to maximize the earnings on your dollars.

For example, you could set up an automatic sweep from your nonprofit's operating account when it hits a specific balance into a savings or Money Market account that earns more interest. That's just one example of how you can structure your financial accounts to make your money work harder for the organization. Your banker is a great resource and can pull in experts from other areas of the Bank, including Treasury Management, as needed.

How does Merchants Bank compare to my current nonprofit checking account?

Your nonprofit is constantly adapting to address the needs of your community. When was the last time you reviewed your nonprofit business accounts to ensure the best return and most efficient cash flow?

We’ll conduct a free, no-obligation cost analysis on your nonprofit business checking account. Our business accounts and Treasury Management Services may be a better fit for your business, so we dare you to compare. Contact a Treasury Management Consultant to begin your analysis.

What do I need to open a nonprofit business checking account?

Please bring the following items with you to open your nonprofit business checking account:

  • Legal documents for your nonprofit
  • Tax ID number
  • A list of who you would like to add to the account as authorized signers and a plan for how those signatures will be obtained

Being prepared with this information will help speed up the account opening process. To schedule an appointment to open a new nonprofit business checking account, contact your local Merchants Bank branch.

*ATM surcharge and foreign fees may apply. **Subject to approval.


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