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Three Types of Bank Accounts

  • Updated

There are 3 types of bank accounts that Teams and Chapters need to be aware of. They are:

  1. Centralized accounts (known as "Banking Module" accounts in Global Link and also Unified Banking)
  2. Branch accounts
  3. Local bank accounts

Here are the details outlining each account and how they are different:

Centralized Accounts

  1. These accounts will be centralized in NY and established by Field Finance staff for the benefit of the Team/chapter.
  2. The funds are held in a separately designated AFS-USA Field Cash account in a Bank of America account in NY.
  3. Disbursements and deposits are made by Field Finance staff upon the request of the Team Treasurer.
  4. The submission of financial reports to Field Finance is not required.
  5. Centralized accounts can be used for co-support and for fundraising
  6. Financial reports are compiled by Field Finance staff and posted to Global Link. These reports give full visibility into Team cash balances and financial activities. The statements are accessible to Chairs and Treasurers through a Global Link user ID and password. For assistance in setting up login credentials, please contact askafs@afsusa.org.

    *Click here to download step by step instructions on how to access your Area Team's banking balance in Global Link.

Branch Accounts (Regional Bank of America or Wells Fargo ONLY)

  1. Field Finance staff will setup the account at either bank in consult with the Team Treasurer.
  2. Signature cards for both of these banks may be requested by emailing Field Finance staff at fieldfinance@afsusa.org.
  3. Treasurers are responsible to write checks, make deposits at their local branch and access online bank statements.
  4. The submission of financial reports to Field Finance is required. Visit Field Finance Reporting Requirements for more information about these requirements. 
  5. Branch accounts can be used for co-support and for fundraising

Local Bank Accounts

  1. These accounts may be setup by Chairs and Treasurers ONLY when branches of either Bank of America or Wells Fargo are outside of a 20 mile radius.
  2. Volunteers are solely responsible to open the accounts and manage the banking relationship.
  3. The account must be opened as a business account in the name of AFS-USA, Inc. and be linked to the AFS-USA tax ID number.
  4. Local bank accounts can be opened only if prior approval has been granted by Field Finance staff.
  5. Obtain signature cards from the local bank and mail to Field Finance staff for signing by the President and CFO.
  6. The submission of financial reports to Field Finance is required. Visit Field Finance Reporting Requirements for more information about these requirements. 
  7. Local accounts can be used for co-support and for fundraising

 

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