Difference between revisions of "Banking"
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| − | '' | + | '''<u>IMPORTANT!</u> Banking regulations require all bank accounts to be listed under our legal name American Youth Soccer Organization. This means that checks must be made payable to our full legal name, American Youth Soccer Organization. Accounts can no longer be named for example, AYSO Region ##. We do offer a Doing Business As (DBA) under our abbreviated name AYSO, however some states do not recognize DBAs.''' |
Regions may select any bank of choice for their region’s banking needs. Things to consider when selecting a bank include: | Regions may select any bank of choice for their region’s banking needs. Things to consider when selecting a bank include: | ||
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* Mobile check deposit | * Mobile check deposit | ||
* Electronic payments via ACH, Zelle pay, etc. | * Electronic payments via ACH, Zelle pay, etc. | ||
| − | * Proximity to | + | * Proximity to Region |
** Due to online banking and mobile deposit, proximity is no longer a top priority. If you are willing and able to visit a bank further away for the initial account set up, the electronic features offered at a bank further away, often outweighs the proximity of a bank branch. | ** Due to online banking and mobile deposit, proximity is no longer a top priority. If you are willing and able to visit a bank further away for the initial account set up, the electronic features offered at a bank further away, often outweighs the proximity of a bank branch. | ||
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** New Accounts and Add/Remove Signer Authorization Letters | ** New Accounts and Add/Remove Signer Authorization Letters | ||
*** The [[Creating your AYSO Board in Association Platform and Granting Security Level Access|regional board must be set up properly]] in Association Platform (Affinity) prior to this being authorized | *** The [[Creating your AYSO Board in Association Platform and Granting Security Level Access|regional board must be set up properly]] in Association Platform (Affinity) prior to this being authorized | ||
| + | * All accounts must include at least 3 signers (RC, Treasurer, and AD) | ||
| + | * All accounts must include an authorized representative from the office (Director of Finance or Director of Operations) | ||
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| + | If opening an account or changing signers at banks other than Chase or Wells Fargo, email Finance@ayso.org to receive the bank approval letters and download the above documents. | ||
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| + | You should have at least three signers on all accounts, two of whom are the Regional Commissioner and the Treasurer. The Area Director should also be a signer on the account unless not practicable. | ||
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| + | Many banks will require all signers to be present at an in-person meeting at the bank. | ||
== New Accounts, update direct deposit / automatic payments == | == New Accounts, update direct deposit / automatic payments == | ||
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* Bank of America – This bank tends to link multiple accounts together which causes online access issues. The bank is unable to correct this issue due to their internal account settings. | * Bank of America – This bank tends to link multiple accounts together which causes online access issues. The bank is unable to correct this issue due to their internal account settings. | ||
| − | * Wells Fargo – | + | * Wells Fargo – Its possible, but not ideal. Search for other sources first. |
== Applications to update with new Bank Account == | == Applications to update with new Bank Account == | ||
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* Bill.com - Payments to and from AYSO Office | * Bill.com - Payments to and from AYSO Office | ||
* Misc. Auto Payments - vendors such as storage, utilities, etc. | * Misc. Auto Payments - vendors such as storage, utilities, etc. | ||
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| + | YouTube video playlist'': [https://www.youtube.com/playlist?list=PLJmhcN9asXo75jV3WVSvosiIH-t2PzW_F AYSO Financial Management Walkthroughs]'' | ||
| + | [[Category:Treasurer]] | ||
Latest revision as of 17:17, 16 February 2024
IMPORTANT! Banking regulations require all bank accounts to be listed under our legal name American Youth Soccer Organization. This means that checks must be made payable to our full legal name, American Youth Soccer Organization. Accounts can no longer be named for example, AYSO Region ##. We do offer a Doing Business As (DBA) under our abbreviated name AYSO, however some states do not recognize DBAs.
Regions may select any bank of choice for their region’s banking needs. Things to consider when selecting a bank include:
- Online banking
- Connection to financial management tools such as QuickBooks, Quicken and ZipBooks
- Online bill-pay
- Mobile check deposit
- Electronic payments via ACH, Zelle pay, etc.
- Proximity to Region
- Due to online banking and mobile deposit, proximity is no longer a top priority. If you are willing and able to visit a bank further away for the initial account set up, the electronic features offered at a bank further away, often outweighs the proximity of a bank branch.
New Accounts, Add/Remove Signers
Typically banks will request corporate documents in order to validate the corporations approval to open new accounts or make changes to said accounts. These documents may include:
- Articles of Incorporation
- Doing Business As (DBA AYSO)
- Email Finance@ayso.org for the following documents:
- Corporate Resolution for Online Banking
- Corporate Resolution for authorized representatives
- New Accounts and Add/Remove Signer Authorization Letters
- The regional board must be set up properly in Association Platform (Affinity) prior to this being authorized
- All accounts must include at least 3 signers (RC, Treasurer, and AD)
- All accounts must include an authorized representative from the office (Director of Finance or Director of Operations)
If opening an account or changing signers at banks other than Chase or Wells Fargo, email Finance@ayso.org to receive the bank approval letters and download the above documents.
You should have at least three signers on all accounts, two of whom are the Regional Commissioner and the Treasurer. The Area Director should also be a signer on the account unless not practicable.
Many banks will require all signers to be present at an in-person meeting at the bank.
New Accounts, update direct deposit / automatic payments
Update bank in Sports Connect.
Update bank in Divvy.
Update bank with Sterling (background check).
Recommended Banks
- Chase Bank – AYSO office has a relationship with Chase bank. AYSO office can assist with the following:
- New Accounts
- Change singers
Non-Recommended Banks
- Bank of America – This bank tends to link multiple accounts together which causes online access issues. The bank is unable to correct this issue due to their internal account settings.
- Wells Fargo – Its possible, but not ideal. Search for other sources first.
Applications to update with new Bank Account
- Sports Connect - Registration Deposits
- QuickBooks - Financial reporting
- Sterling - Background Check Payments
- Divvy - Credit Card Payments
- Bill.com - Payments to and from AYSO Office
- Misc. Auto Payments - vendors such as storage, utilities, etc.
YouTube video playlist: AYSO Financial Management Walkthroughs
