Frequently Asked Questions (FAQ)
Who can participate in the Nonprofit Customer Referral Program?
Any current Stearns Bank Nonprofit Banking Solutions, Salaam Nonprofit Savings, or Nonprofit Impact deposit account customer in good standing can participate and refer other nonprofits to receive the $1,000 donation.
How can I refer someone?
You must complete and submit the following online submission form located on this page. After you submit your referral, a Stearns Bank Relationship Manager will quickly reach out to you and your referral to discuss next steps.
What does my friend/family/nonprofit get when they open a new Nonprofit Banking Deposit Account?
Your referral will have access to all the great benefits of our Nonprofit accounts including an annual donation from Stearns Bank, if all qualification criteria are met. For more information, please visit https://www.stearnsbank.com/nonprofitbankingsolutions or https://www.stearnsbank.com/salaamnonprofitbankingaccounts
Is there a limit to how many nonprofits I can refer?
There is no limit to how many nonprofits you can refer! For each qualified referral you submit, you’ll receive a $1,000 donation into your Nonprofit deposit account.
How will I know if my referral was successful?
Once a referral you submit has met all qualifications, you will receive a $1,000 donation to your Nonprofit account. Due to the confidential nature, we cannot disclose any information about qualifying accounts opened by Nonprofits you refer.
Can I refer myself?
No. Current Nonprofit deposit account customers can only refer nonprofits who are not yet customers of Stearns Bank.
When do I receive the $1,000 donation after submitting a referral?
You will receive a $1,000 donation into your Stearns Bank Nonprofit deposit account following 6 months of your referral’s new, qualified Stearns Bank Nonprofit deposit account being opened.
Who do I contact for any issues with my referral or additional questions?
You can give call us at 800-320-7262. Please reference that you are reaching out about the Nonprofit Referral Program.
What are the qualification criteria for the Nonprofit referral program?
The new nonprofit account must maintain a minimum average balance of $5,000 for 6 months. The average balance is calculated by totaling all ending ledger balances for the month and dividing by the number of days in the month. Failure to maintain an average balance of $5,000 for 12 consecutive months will forfeit the referral donation. Both the referring and referred organizations must remain active, legally compliant tax-exempt 501(c)(3) entities operating in full compliance with the Bank’s standard account agreements and internal risk policies throughout this period.*