No matter how much your troop plans on saving or spending, you’ll need a safe place to deposit your troop dues, product sale proceeds, and other funds. If you’ve stepped up to lead an existing troop, you may inherit a checking account, but with a new troop, you’ll want to open a new bank account.
Here are a few helpful tips you can take to the bank:
- GSCO requires troops/groups to maintain their funds at a federally-insured financial institution.
- At least two, unrelated, background checked, registered volunteers are required to be signers on any troop/group bank account. Note: GSCO currently defines “related” as marriage, partnership, family, roommate. If you have additional questions, please reach out to your volunteer support specialist.
- Troops/groups should open a single checking account. Savings accounts are not permitted.
- Be sure to find a bank that has free checking and low fees.
- Designate a troop treasurer, that is, one person who is responsible for troop funds and for keeping a daily account of expenditures.
- · Ensure your account comes with a debit card that you can use during activities or trips. These transactions are easier to track at the end of the year. Using debit cards is encouraged, but no borrowing is allowed (including overdraft protection or credit cards).
- Be prepared like a Girl Scout, and make sure another troop volunteer has a debit card accessible for the troop account in case the main card is lost.
- Handle a lost troop debit card the same way you would a personal debit card: cancel it immediately.
- Keep troop funds in the bank before an activity or trip and pay for as many items as possible in advance of your departure.
Opening a new back account and changing signers on a bank account requires a bank authorization letter. Make your request online by completing the Bank Authorization Request form in the Forms section of the Girl Scouts of Colorado website at www.girlscoutsofcolorado.org/forms