Team Bank Account Setup

 

Each team will need a team bank account in order to register for tournaments, order chocolates, buy extra ice time and hold year end banquets etc... This page provides recommendations on setting up the bank account.

 

Steps to Setting Up a Team Bank Account

  • Treasurer - Each team should appoint a parent volunteer to be the team Treasurer, otherwise these duties will fall onto the Team Manager. Click HERE for their duties. It is preferred that the Treasurer not be a spouse or partner of the coach.
  • Contact the Bank - The treasurer needs to book an appointment with a bank to open a team account. Team bank accounts are known as community or organizational accounts. Tell the bank your opening a bank account for a minor hockey team.
  • Signatories - The coach, treasurer and team manager or another parent should all be co-signers on the cheques. Each bank account should be set up as follows:
    • bank account has three people that can sign: Head Coach is mandatory + two other parents. None of these three people can be related (e.g. spouse).
    • each cheque requires two signatures to be valid.
    • It is recommended that the monthly bank statement be sent to someone other than the head coach or treasurer.
  • CMHA Letter - The bank will require a letter from the CMHA in order for you to open an account. Send an email to the CMHA Vice President - Administrationwith the names of signatories above. Also, include your team name (i.e. Cumberland Atom B1).

Please obtain the bank account authorization letter from the CMHA

BEFORE you go to the bank to set up the team account.

If you don't have the letter, they won't let you set up the account.

  • Account Name - Remember that many sports teams are opening these accounts at the same time, so it is important to pick a unique name. It is recommended to include your age level and team number in the account name (i.e. "Cumberland Atom B1" or "Cumberland Atom B1 Knights"). This is a unique name for the season.
  • Close the account - At the end of the season, close the account and redistribute any remaining funds as cash to the parents. The bank will provide you with proof that the account has been closed. Do not keep the account open and 'carry over' funds to next year.