Author Topic: Zelle for Non-profit (Small Business) Bank Account  (Read 761 times)

Offline Jayy

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Zelle for Non-profit (Small Business) Bank Account
« on: November 09, 2020, 02:30:13 PM »
Opening a new bank account for a registered 501c3 (a synagogue). Does anyone know of a small business checking account that can accept payments through Zelle? looking for a fee free way for members to make donations (besides paypal giving fund).  TIA

Offline how

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Re: Zelle for Non-profit (Small Business) Bank Account
« Reply #1 on: November 09, 2020, 02:32:32 PM »
Opening a new bank account for a registered 501c3 (a synagogue). Does anyone know of a small business checking account that can accept payments through Zelle? looking for a fee free way for members to make donations (besides paypal giving fund).  TIA
I use chase

Online AsherO

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Re: Zelle for Non-profit (Small Business) Bank Account
« Reply #2 on: November 09, 2020, 02:43:26 PM »
I use chase

Chase isn't free. OP is looking for a free business checking account that accepts non-profits and participates with Zelle.
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Offline Ygold

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Re: Zelle for Non-profit (Small Business) Bank Account
« Reply #3 on: November 09, 2020, 02:46:41 PM »
Chase isn't free. OP is looking for a free business checking account that accepts non-profits and participates with Zelle.

Chase can be free with a minimum $1500 balance.
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Re: Zelle for Non-profit (Small Business) Bank Account
« Reply #4 on: November 09, 2020, 02:48:01 PM »
Chase can be free with a minimum $1500 balance.

It's for a small shul. @Jayy, is a $1,500 account minimum to avoid monthly fees a deal breaker?
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Online bubkiz

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Re: Zelle for Non-profit (Small Business) Bank Account
« Reply #5 on: November 09, 2020, 02:49:03 PM »
Chase can be free with a minimum $1500 balance.
And you can get a bonus of up $300- $500 (depending on the available promotion) at account opening that can negate those fees for the months you don't keep that balance.

Online ExGingi

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Re: Zelle for Non-profit (Small Business) Bank Account
« Reply #6 on: November 09, 2020, 02:54:42 PM »
BofA can waive fees with $250/month on debit card (I do that every month with CashApp - Zelle from personal account to organization, and back via CashApp to avoid fees. Obviously if you have other spending on the debit card you can avoid the fee that way).

I'm not recommending BofA just stating fact.

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Offline Jayy

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Re: Zelle for Non-profit (Small Business) Bank Account
« Reply #7 on: November 09, 2020, 03:08:59 PM »
thanks for the replies!
@AsherO $1,500 isn't a deal-breaker but would rather not have 1,500 sitting around in the account. Chase fee is also waived if you have a private client account. unfortunately, I don't.

@ExGingi I just found out about the Bofa 250/ mo on card to waive fee and was going to just buy cards when they waive fee. but I like your idea better.

Any other ways to accept donations fee free? I applied for 501c3 and once I receive that I can apply for PayPal giving fund which has no fees. 

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Re: Zelle for Non-profit (Small Business) Bank Account
« Reply #8 on: November 09, 2020, 04:03:31 PM »
thanks for the replies!
@AsherO $1,500 isn't a deal-breaker but would rather not have 1,500 sitting around in the account. Chase fee is also waived if you have a private client account. unfortunately, I don't.

@ExGingi I just found out about the Bofa 250/ mo on card to waive fee and was going to just buy cards when they waive fee. but I like your idea better.

Any other ways to accept donations fee free? I applied for 501c3 and once I receive that I can apply for PayPal giving fund which has no fees.
Is PayPal no-fee option available to religious corporations?

And if you like the idea, DDF has a like feature that might help eradicate world hunger (and maybe even kill Covid-19, though there haven't been any double blind studies on that one).
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Online Shaya E

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Re: Zelle for Non-profit (Small Business) Bank Account
« Reply #9 on: November 09, 2020, 08:41:49 PM »
Capital one 360 is free and accepts zelle. It also doesn't have forex fees, making it a great option for a lot of people.

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Re: Zelle for Non-profit (Small Business) Bank Account
« Reply #10 on: November 09, 2020, 08:42:36 PM »
Capital one 360 is free and accepts zelle. It also doesn't have forex fees, making it a great option for a lot of people.

Is that a business account?
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Online Shaya E

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Re: Zelle for Non-profit (Small Business) Bank Account
« Reply #11 on: November 09, 2020, 08:47:47 PM »
Is that a business account?

No. My mistake.

Offline lcm

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Re: Zelle for Non-profit (Small Business) Bank Account
« Reply #12 on: November 10, 2020, 01:19:52 AM »
Opening a new bank account for a registered 501c3 (a synagogue). Does anyone know of a small business checking account that can accept payments through Zelle? looking for a fee free way for members to make donations (besides paypal giving fund).  TIA
I use nbkc as the bank.
It doesn't work with zelle :(
But I was able to connect it to a cashapp account which isn't registered as a business account (otherwise they charge a percentage)
It could be, but I don't remember, if you are approved as a nonprofit by PayPal, you may be able to receive transfer-donations fee free.
A piece of unsolicited research: if you are looking for a donation page with the lowest fees, snowball fundraising seemed like a very good option

Offline bennyc

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Re: Zelle for Non-profit (Small Business) Bank Account
« Reply #13 on: November 10, 2020, 08:56:32 AM »
TD also has

Offline gozalim

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Re: Zelle for Non-profit (Small Business) Bank Account
« Reply #14 on: November 10, 2020, 09:42:44 AM »
Usbank has a free biz account, with zelle, 2.5% fee on zelle receiving