It’s important to manage troop finances responsibly, track spending, and keep good records. After all, girls and families work hard to raise their troop funds! This article for troop leaders covers how to open a checking account at Wells Fargo.
Note: This article is for the Girl Scouts River Valleys council only. If you are a troop leader from outside of our area, check in with your local council to find your local guidelines.
Where to Bank
Girl Scouts River Valleys has a banking partnership with Wells Fargo making it easy to set up an account. This banking partnership allows us to manage our financial resources wisely and does not require volunteers to have a third signer on the account.
Any troop with $25 or more must have a bank account. River Valleys’ standard recommends all troops to open their bank account at Wells Fargo unless there is not a location within 10 miles of their home.
Troops more than 10 miles from a Wells Fargo branch can reference the Troop Finance Introduction sheet, found in the Troop Finance Packet, which lists guidelines for opening an account at other financial institutions.
Wherever you bank, keep in mind that business checks may not be the best use of a troop’s money. Debit card and online banking are best as they do not service fees for checks. A volunteer may choose to purchase checks through another value-priced vendor or may even choose to manage the finances entirely through a debit card.
Opening a Bank Account at Wells Fargo
Troops will want to open a Initiate Business Checking (with permanent fee waiver), which gives troops many account benefits including free checking, no minimum balance, interest bearing checking accounts, free debit cards, and online banking privileges.
Opening a Wells Fargo bank account is simple and easy—just follow these guidelines.
Troop Finance Packet
Download our Troop Finance Packet to find all the documents you will need in order to open and manage your bank account:
- Troop Finance Best Practices
- Troop Finance Tracker
- Girl Scouts River Valleys W9 Form
- Troop Finance Introduction
- Wells Fargo Letter of Authorization
Print the Wells Fargo Letter of Authorization, fill out the necessary portions and bring with you to appointment.
Pick Your Co-Signers
Determine who will be the two signers for the account, and set a time for both volunteers to go to the bank together. These two troop volunteers can be any combination of leaders, troop cookie managers, or troop friends and family volunteers.
Both signers on the account cannot be related or living in the same household. Each adult signer should bring two forms of personal identification, social security number, and an email address.
Open the Account
Any Wells Fargo location can open a troop account for you—just call your local branch and ask for an appointment with a banker familiar with Girl Scout accounts.
Before you leave, please ask your banker to verify that the troop’s account is the no-fee Initiate Business Checking (with permanent fee waiver), and that the address to which the statements will be sent is a home address for one of the signers.
Once the account is set-up, you will be able to do your banking at any Wells Fargo location.
Complete the Bank Account Record
Lastly, you must also complete the Girl Scout Bank Account Record.