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Choosing a Bank for Your Candidate Committee

Note: If you are unable to open a bank account without documentation that you have registered your committee with the CFB, please see step 3 under Getting Started.

If you have previously run for an elected office covered by the Campaign Finance Program (mayor, public advocate, comptroller, borough president, or City Council member), you must open a new committee and bank account for each election cycle. Program participants may only register one authorized committee per election cycle.

To assist candidates in choosing a bank that provides the documentation and services your committee will need to stay in compliance and receive public funds (if applicable), the CFB has compiled a list of the five banks most commonly chosen by campaigns in the 2021 election cycle (last citywide election cycle) based on financial disclosures and information provided by campaigns. These five banks are listed below in alphabetical order:

Amalgamated Bank
Bank of America
Santander Bank
TD Bank

During prior election cycles, these banks offered the features and services listed below to meet your documentation requirements and securely receive public funds payments. Note: These banks may have changed their offered services since the 2021 election, and services can also differ by branch. Confirm the information below with your local bank branch before opening your committee bank account:

  • ACH Transactions: ACH transactions allow campaigns to issue refunds at a lower cost than bank or certified checks and provide for any over-the-limit or prohibited contributions to be refunded in real-time.
  • FedWire Participants: Banks need to be FedWire participants to set up direct deposit, which is the fastest and most secure way to receive public funds payments. The CFB can issue public funds only via the Federal Reserve. Confirm that your bank’s routing number can receive FedWire transfers from the CFB.
  • Debit Card: Using a debit card is the most convenient way to track all purchases.
  • Check Images: Ensure the bank provides images of both the front and back of canceled committee checks. If your bank offers online banking, make sure you will have access to the scanned images of both sides of all checks.
  • Online Banking: Online banking systems allow campaigns to store and retrieve records whenever necessary, which reduces or eliminates the need for copying and storing paper statements. All campaigns are required to submit PDF copies of their monthly bank statements.
  • Mobile Deposits: Mobile deposits allow campaigns to deposit checks without visiting a bank. Most banks allow users to access these check images online, reducing the need for copying and storing check images.
  • Itemized Deposit Slips: Campaigns are required to submit itemized deposit slips for all contributions, even for deposits done via mobile device.

Disclaimer of Endorsement or Warranty

Any reference on this webpage to any person, organization, product, or services related to such person or organization, or any linkages from this web page to another party, do not constitute or imply endorsement, recommendation, or favoring of the New York City Campaign Finance Board, the City of New York, or any of its employees or contractors acting on its behalf. It is the campaign’s responsibility to verify and investigate providers and services. The information provided above is for general information purposes only. All information is provided in good faith, however, the New York City Campaign Finance Board makes no representation or warranty of any kind, express or implied, regarding the accuracy, adequacy, validity, reliability, availability, quality or completeness of any information on the webpage or services or product of any person or organization mentioned on the webpage. The New York City Campaign Finance Board assumes no responsibility for consequences resulting from the use of the information, or from the use of the information obtained at linked Internet addresses, or in any respect for the content of such information, including (but not limited to) errors or omissions, and ownership of copyright or other intellectual property.

Updated as of March 2022