I am curious to know about Political Action Committee accounts and their implications for banking them. We were recently approached by a Town Democratic Committee which is permitted by the State of MA to further the Democratic party and their initiatives – and from our understanding they would be in the same bucket as a PAC.

It is written in an internal policy that due to extra reporting and monitoring requirements, we would not bank those kinds of accounts, but I am on a fact finding mission to find out why – as the person responsible for that decision is no longer here.

Any compliance or industry insight you can provide on this topic would be greatly appreciated!
Thanks in advance

If you're in MA, refer to the Mass Bankers Handbook on Fiduciary Accounts, they have a section related to political accounts that spells out the details related to political accounts. Most banks do not deal in these types that I know of.

Welcome to BankersOnline's discussion forums, a/k/a "Bankers' Threads," scbro89!