Student Organization Bank Account

How to Obtain a Student Organization Bank Account
Obtaining a bank account for your student organization can assist in the financing of the organization’s treasury. A bank account will allow student organizations to set up a centralized account where key members can access the managing of fees, dues, budgets and other expenses. When setting up a business bank account, the bank will need all of the following:

  1.  Documentation from the IRS of your organization’s Employer ID Number (EIN).
     
  2.  A letter from your organization's Advisor or from Memory Littles, Activities Coordinator for Student Organizations, 
     verifying the organization's active status.
     
  3.  A copy of all accessing members’ driver’s license, and signatures.

When setting up the bank account, all accessing members should be present so that the process will be more efficient. The Office of Student Activities strongly recommends organizations to have at least two student leaders as accessing members. It is solely the decision of the organization and its advisor who the members will be. After setting up the business bank account, the student organization will receive online business access as the bank account is set up for the organization to run as a business and not as an individual account. Checks will be issued with the organization's name. The checks can have notes as to who can issue the sign-off on checks. A debit card can be issued for individual members with their name and the organization’s name imprinted on the card. This can sometimes be difficult as some key members may only hold their position for a year and therefore getting new debit cards each year for new key members might be of an issue.