Bank gives guidelines for setting up donation accounts
M C Bank & Trust is requesting anyone wanting to open accounts for donations to benefit different causes designate an account manager for each account, according to a news release from Lee Anne Dumont, assistant vice president of the M C Bank & Trust Bayou Vista branch.
When the account is set up in the account manager’s name, the checks “taken for deposit” will have to be payable to the account manager, Dumont said.
M C Bank cannot monitor where funds are spent, and the bank cannot deposit checks made payable to a child or someone who is deceased, she said.
Dumont asks people to refrain from using words such as “donations and benefit funds,” in the account name because the bank cannot monitor how donations are spent.