Question 1

Do I need a bank account for my political campaign?

RFOadmin · Accepted Answer

Establishing a bank account is your first step for launching a political campaign. A bank account allows you to accept donations and make campaign purchases more efficiently.

Open your political campaign checking account early. Campaign finance laws in many states require that a campaign bank account be established in order to legally deposit political donations.

Prior to opening an account, you may need to establish a political campaign committee with your local county Board of Elections. The name of your campaign committee will be the same name you will use to open the bank account.

Paperwork will be required. The bank will require committee information along with personal identification.

Open an interest-free checking account rather than an interest-bearing savings account. Considering how little banks pay in interest, the small amount of money to be gained is hardly worth the additional effort required by your committee treasurer to report.

Keep detailed records of every account transaction for financial filing requirements. These records should be held indefinitely in case questions later arise as to your campaign finances.

These guidelines also apply for a political party and political action committee (PAC) bank accounts. Whatever you do, do not co-mingle money between any personal and campaign accounts. If you can, hire an accountant.

Question 2

Can I spend my own money before establishing a campaign bank account?

RFOadmin · Accepted Answer

Personal funds can be used during the initial stages of a political campaign. But once a campaign bank account is set up, personal contributions should not be accepted. Initial spending is generally treated as an in-kind donation or as a personal loan. Once the campaign is underway, the treasurer should handle the political funds and keep track of income and expenditures.

Question 3

Do I need a bank account for my political campaign?

RFOadmin · Accepted Answer

Establishing a bank account is your first step for launching a political campaign. A bank account allows you to accept donations and make campaign purchases more efficiently.

Open your political campaign checking account early. Campaign finance laws in many states require that a campaign bank account be established in order to legally deposit political donations.

Prior to opening an account, you may need to establish a political campaign committee with your local county Board of Elections. The name of your campaign committee will be the same name you will use to open the bank account.

Paperwork will be required. The bank will require committee information along with personal identification.

Open an interest-free checking account rather than an interest-bearing savings account. Considering how little banks pay in interest, the small amount of money to be gained is hardly worth the additional effort required by your committee treasurer to report.

Keep detailed records of every account transaction for financial filing requirements. These records should be held indefinitely in case questions later arise as to your campaign finances.

These guidelines also apply for a political party and political action committee (PAC) bank accounts. Whatever you do, do not co-mingle money between any personal and campaign accounts. If you can, hire an accountant.

Question 4

Do candidates need separate bank accounts for both the primary and general election?

RFOadmin · Accepted Answer

The issue of whether a candidate needs to establish separate bank accounts for both the primary and general election can depend on whether your contribution limits apply per election.

For example, if the contribution limits are different then fundraising for the primary election and fundraising for the general election are separate. If this is the case, a candidate may need to establish separate bank accounts for each election.

A candidate may need to notify their committee chairperson of the different bank accounts used for each election, so that the chairperson knows which account to use to raise funds for the different purposes.

Check your relevant federal, state, or local finance law.