Political committees must establish a bank account. This is required for many reasons, including helping keep committee funds separate from personal funds. This account will be used to deposit receipts and make disbursements. The account must be at one of the following:
- National bank
- State bank
- FDIC- or NCUA-insured institution
The name and address of the bank must be listed on the committee's Statement of Organization (Form 1).
Banks require you to have a taxpayer identification number to open an account. Political committees may obtain an “Employer Identification Number” online or by completing IRS Form SS-4. For questions about obtaining a taxpayer identification number, call the Internal Revenue Service, 1-800-829-3676.
All bank accounts must be opened in the name of the committee using the committee’s Employer Identification Number. Bank accounts should never be opened in the name of an individual using an individual’s Social Security Number.
Additional information for specific committees
PACs sponsored by corporations and labor organizations
A separate segregated fund (SSF) must use its own funds to pay taxes on interest income. Federal and state taxes on SSF funds are not considered administrative expenses payable by the connected organization.
Publicly funded presidential campaign committees
The full amount of presidential primary matching funds received must be deposited into a checking account maintained by the candidate's principal campaign committee in the depository designated by the committee on Form 1.
General election grant payments received by a major party candidate must be deposited in a separate account maintained by his or her authorized committee, unless there is a deficiency in the Presidential Election Campaign Fund (the Fund). In the case of a deficiency, the candidate may establish a separate account for payments from the Fund or may deposit such payments with contributions received for legal and accounting expenses. The account(s) shall be maintained at a national bank, state bank, or other FDIC-insured institution.