Nonprofit New Fiscal Year May Mean New Account Signers  

June 7, 2022
by Team SESLOC

July 1st is the fiscal new year for many nonprofits and the perfect time to bring on new board members and officers. If those new officers are also going to be signers on the organization’s bank accounts, it’s important to let us know you have changes to make to prevent delays or disruptions in service. As the CEO or board chair of a nonprofit, it’s a best practice to give your financial institution ample notice that you will be changing signers on bank accounts so the necessary information can be gathered and the Signature Cards updated.

To update your SESLOC business account’s signers, we require Meeting Minutes notating the new officers as well as the new account signers. Signers will need to complete a Signature Card, including vital information such as Social Security Number, street address, and birthdate. Each signer will also need to provide a picture ID, which will be verified by a SESLOC staff member, and a copy will be retained on file. Additionally, new signers will need to be set up with online banking access while ensuring that any outgoing signing officers have their access discontinued.

At SESLOC we know how valuable your volunteer board member time is so we make every effort to arrange a convenient time for new signature cards to be signed — like at a board meeting or retreat. Contact our Business Services team today to learn more or to make arrangements.