I'm not positive, but it seems like a natural direction to look toward would be FIRST robotics teams. New teams face a lot of challenges, one of which is getting to a place where they can get donations and have access to their funds.
This is a great idea.<p>Have you discussed this with a lawyer? It seems like this would qualify you as a money transmitter which has very strict requirements in many states. There are restrictions on the word "bank" and how that term can be used too.
This is so great. As someone who used to run a Hack Club, it's so exciting to see this (would have solved a lot of problems for me back in high school).<p>Out of curiosity, are there ever plans to expand this beyond high school?
> An underlying bank account with 501(c)(3) status, so donations to events are tax deductible<p>I'm not sure why the bank's tax status is relevant, since the bank doesn't own the funds. Also, most credit unions are nonprofit.
Are you actually a bank? That’s a highly restricted term. To the point that non-banking subsidiaries of banks (like brokerages) use the word Banc to avoid the restrictions.
This problem/market is very interesting and strange to me. In my country, you're able to open a bank account in 15 minutes, the only requirement is to have a parent present if you're under 15, of course you have to present your identity, and you have to deposit just 200 to 1000 CZK (7.5 to 50 dollars, or 5 to ±30 beers). No credit checks, no solvency requirements, no debt-free only policy, nothing like that, you literally walk out with a working bank account (and a debit card will arrive by mail shortly after) that is <i>completely free</i> for everyone and for all use cases that an average person has.<p>Bank accounts are treated as marketing for other financial services so you will even get free money if you open it in a bank that currently has a promotion (usually around 200 to 500 CZK - 7.5 to 20 dollars, or 5 to 12 beers).
Just FYI, You can't call yourself a bank. It is a restricted term in most US states and the UK.<p><a href="https://en.wikipedia.org/wiki/Banq_(term)" rel="nofollow">https://en.wikipedia.org/wiki/Banq_(term)</a>
This is a great idea and solves a huge headache for hackathon organizers. Dealing with taxes and a multiple university accounts was a huge hassle at Bitcamp. We eventually became a non-profit which took over a year to complete. It would have been great to be able to use a service like this instead. Though, given the size of Bitcamp compared to most hackathons, it probably still would make sense to go through the extra effort to be our own non-profit entity.
The fact that you guys show a dashboard is amazing. Ive had too many bad experiences with long response times after asking how much money we had/trying to spend.
This is a great idea.<p>Having said that, school groups do spend money, bands, clubs and etc.... how are the others doing it successfully?<p>"The only person who had access to the bank account was the principal, but nobody knew where he was. 24 hours later, Jake and I were on the phone with the vice principal who was also left in the dark. A week later, the principal showed up in Tokyo and the money was still completely restricted. They missed the deadline for purchasing the flights and the trip was cancelled. What the hell happened?"<p>What did happen? They never really explain that.
> To do it yourself, you must incorporate and seek non-profit status which can take over a year and thousands of dollars in the United States<p>Joint business bank account at any major bank solves this. File for an llc in colorado (~$65) and open the account. Tax free, fee-free, and you can get multiple debit cards.