CR A-660 requires that PA/PTAs maintain a checking account, which must be used for all transactions. Below are some other relevant requirements:
- The checking account must be opened in the PA/PTA’s name using its EIN. (If a PA/PTA has difficulty opening a checking account, it must contact FACE for assistance.)
- The checking account is the mandatory primary financial instrument for all PA/PTAs.
- While PA/PTAs may open other accounts such as savings accounts, all funds deposited into those accounts must come from the checking account, and withdrawals from these accounts are in the form of transfer to the checking account.
- Checks are the preferred instrument of paymnet for goods and services. Every check must be signed by two officers. A PA/PTA’s bylaws must indicate at least three officers who will be eligible signatories.
- Checks may not be written to “cash” as the payee.
- PA/PTAs may establish online access to their checking and other linked accounts.
- PA/PTAs that use online banking must develop procedures to ensure that online transactions are safeguarded, as outlines in FACE's guidance, linked below.
- PA/PTAs may use debit cards connected to their checking accounts when goods and services cannot be paid for by check. Safeguards must be put in place and incorporated into the bylaws.
- Any accounts other than the mandatory checking account must be authorized by a vote of the membership.