I have a EIN for a local youth basketball team for banking purposes only. Do i need to file?

No. There is nothing you need to file on your personal tax return. 

The organization may need to file tax Form 990.

For more information, follow this link: Non-Profit Tax Returns

the basketball team raised $5k for their expenses.  EIN was only for to get a bank account and to hold the money raised.  I cant find anything stating as to if they need to file or not.

You don't. This doesn't qualify.

What if you did not request tax-exempt status when applying for the EIN?  What form would you file and what exactly are the filing requirements for this type of situation?