Crowded

Main Issues with SWAB Banking:

• Unable to easily switch between officers year to year
• The ability to spend 60-90k in one day
• The ability to track & understand our financials

Regions doesn’t fully integrate well with our specialized needs and there needs to be some form of solution

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Crowded | Click Here

Summary:

Crowded is a nonprofit banking service backed by a physical bank designed to solve problems for nonprofits like ours (they focus on college clubs).

Features

• Banking
  • Setup
    • Connects to all other bank accounts easily (Regions link would be easy)
    • We could add as much or as little money to the Crowded as we want
  • Value Add
    • Online/Mobile Dashboards | Click Here
      • easy way to view and control spend across the org
    • Automatic Tax Forms
      • We can have them generate our tax forms yearly
    • Online “Account Admin” changes
      • You can change the owners of the account completely online without going in person
• Admin Debit Cards
  • 2 admin debit cards that have full access to the account
    • ED & Dir. Finance
  • 5k collective limit daily
• Expense Cards
  • IMPORTANT FEATURE
  • Allows us to make unlimited expense accounts (with digital only or physical/digital cards)
    • One expense card per contact
    • Dir. Finance has COMPLETE CONTROL of how much money is put into the account

Why Expense Cards?

Could vastly simplify reimbursements & spending during the year then, the cards used by each position throughout the year can be all given to the Dir. Finance for Event Day…that way we have enough of a limit on the cards.

I spoke to a representative from Crowded so I can explain expense cards and how we could use them a little better. They also told me we can have daily rate increases if we ask in advance for Event Day ⬆️

Big Benefits

• The ability to have multiple TRACKABLE and CONTROLLABLE expense cards in either digital or physical form
  • Would solve the Walmart problem
• The tools provide a lot of good financial metrics to the Dir. of Finance on web & mobile
• Easy for exec leadership changes because its online
• FDIC insured up to $250k as well

Risks

• More cards means more to worry about?
  • Yes and no. The expense cards are more like gift cards…the Dir Finance adds or subtracts funds from their account. They can’t spend outside of that
• Hard to switch funds over?
  • Crowded uses Plaid which connects with Regions. It establishes a secure connection and we can transfer money to and from Crowded
    • We can fully switch over or just use it as a way to pay on Event Day, its up to SWAB
• Can we loose SWAB’s money?
  • Crowded is not a bank, the banks they work with are the ones who actually hold our money and they are FDIC insured
  • Visa handles all of the fraud across cards