Political Action Committees (PACs) are also known as Separate Segregated Funds (SSFs). They are called SSFs because a separate bank account is required in which to keep PAC funds. The Federal Election Commission (FEC) does not allow for PAC funds to be comingled with Treasury funds and if they are comingled, the PAC funds would have to be returned to the contributor. SSFs fall under a different part of the tax code (1120-POL) and many banks do not understand how PACs are structured. Banking with an institution that understands the structure and separate tax status of PACs is important.
Eligible employees and members donate to the PAC with the understanding that their money will be pooled with other PAC donations and sent to political campaigns. You owe it to your PAC members to make smart use of their contributions. Don’t let bank fees diminish your spending power. Low cost banking ensures you are spending your PAC funds on campaigns and not on fees.
- PASS will handle PAC deposits from preparing the deposit to taking the deposit to the bank for you.
- PASS will reconcile the PAC account every month and send you the reconciled statement along with a number of financial reports detailing your banking activity for the month.
- PASS will handle lockbox and caging services for organizations collecting personal checks and credit cards.
- PASS will work with you to set up merchant services if your PAC offers a credit card contribution option.
- PASS can also simplify banking for clients that do not have an existing banking relationship by opening a PAC account with Access National Bank headquartered in Reston, VA.
Access National Bank is a local bank offering:
- No Minimum Balance or Transaction Fees, giving you greater financial freedom.
- No Cost Remote Deposit Capture that enables checks to be deposited electronically in real-time using a special check scanning device.
- FREE Courier Services available to help expedite transactions.
- FREE Online Banking Services that allow you to view and manage account activity such as wires, stop payments and transfers in real-time.
- 24/7 Access to your personal relationship manager and trusted advisor.
- Increased Fraud Prevention measures like dual signature control on checks available and other security protocols. Flexible Non-Interest Bearing Accounts specifically designed for Political Action Committees.
Clients wishing to contact Access National Bank directly should call Chuck Kettenacker, VP, PAC & Campaign Banking Specialist at (703) 871-1041 or visit the bank website.