We have a nonprofit church account that is incorporated. We want to have a NOWaccount. Since we are incorporated, our bank is saying we cannot have a NOW account. Is this correct?
Nonprofit organizations are eligible for NOW accounts, regardless of whether they are incorporated or not. The church, as a nonprofit organization, would be eligible under the law.
However, the bank is permitted to determine whether it offers NOW accounts to non-profits. Even though the law allows it, the bank may have a policy against doing so. We suggest you point out to the bank that you are an eligible non-profit corporation, and ask whether the bank policy will permit it to open a NOW account for you.
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Nonprofit organizations are eligible for NOW accounts, regardless of whether they are incorporated or not. The church, as a nonprofit organization, would be eligible under the law.