@andrew amazing offer!
And if you need any help with the nonprofit or community development side of the instance, this is where my experience lies. Happy to volunteer my time to support any current or future initiatives.
@erin (dropping Senator Simons so as not to flood her with notifications)
I do actually have one question, if you don't mind... Leigh and I have a nonprofit that we're in the process of transferring the infrastructure / assets for the instance to (federal corporation # 1652828-7 if you're curious). One of the things we want to do is set up a bank account specifically for the instance, to help keep the funds separate from our personal cards/accounts/etc.
Do you have any suggestions or recommendations on banks here in Ottawa that are good for nonprofits? In my (very limited) searching, all I've found so far are accounts with pretty high monthly fees, in some cases a good percentage of the total operating cost of this instance 😵💫
@andrew Without knowing the instance's cash flow and transaction needs, have you looked into any credit unions? Alterna and Meridian come to mind. I'm familiar with Alterna (as a personal user).
Alterna: https://www.alterna.ca/en/business/community/resiliency-program
Meridan: https://www.meridiancu.ca/business-banking/accounts/community-not-for-profit-account
You could also look into Tangerine. They don't explicitly state they offer a nonprofit but their business accounts may include the option.
The big banks all look like they have a low-cost account for non profits however it seems very dependent on cashflow and monthly transaction usage.
If EQ bank ever offers a non profit account (they currently do not) I would likely recommend them.
@andrew @erin Desjardins is a coop and is really good for non-profits. I know a bunch of their branches in Ontario were taken over by another coop some years ago but they still have branches in Ottawa, including one in Orléans. On a provincial level, they’re the largest financial institution in Quebec (yes, bigger than RBC or BoM!), so they’re very stable and well-regarded.
Edit: Meridian! Meridian is who took some branches over.
@bjb @andrew @erin concur with that suggestion.
Big bank costs my company $300+/mo just for daily use, holding 6-digits in chequing, none of that is CC processing.
Credit union is like... $1.20-1.85/mo. Same sort of balance.
(CC processing is around $10K/a)
Also having the ability to viably threaten to close an account is the absolutely the secret tech.