Banking Frequently Asked Questions

What forms should be completed for student organization to be able to open a bank account?

To open an account, an organization must request a Tax ID. To request a Tax ID, Student Organizations may request a SS-4 form from IRS by visiting http://www.irs.gov . The SS-4 form may also be submitted online., and the fill out the form completely.

  • Contact the IRS directly at 1-800-829-4933 if you have any questions or need additional information.
  • You may open a bank account with the tax ID number immediately and operate as an organization using this number. This tax number identifies your student organization and the number will never change.

For Student Activities, the only form that needs to be completed is the Checking Account Verification Request Form

Should student organizations apply for a tax-exempt status?

Student Activities cannot recommend whether or not a student organization should apply for tax-exempt status; however, we can recommend that they follow the IRS guidelines on applying for tax-exempt status. Note: It may be best to seek professional assistance in apply for tax-exempt status. See IRS’s website for information on how to apply: (https://www.irs.gov/charities-non-profits/applying-for-tax-exempt-status)

What happen to bank accounts in the negatives due to usage fees? Is there any way to not have a fee charge during the summer?
DATCU does not  charge a monthly charge for checking accounts. Wells Fargos accounts that got charges can call and request a fee reversal. They can call any open branch or 1-800-TO-WELLS. There is no way to cancel the fee, but Wells Fargo can always see about reversing the fee once it occurs.
Can we create a new account if we don't have access to the old?
Orgs can always create a new account if they would like, but to get funds from the old account it would rely on an active signer from the old account.
What happens if an org can't get a signatory to move an account over to a new signatory
Orgs can always create a new account if they would like, but to get funds from the old account it would rely on an active signer from the old account.
Can signatories transfer over accounts without being present in-person?
Signatories must be present to transfer signers. They can go to their local DATCU/Wells Fargo and start the process by themselves if they cannot meet together to make the change. It does call for a longer process, so it is always better if the old and the new can meet up together. You can always add 1 signer to make the change and then add additional ones once things get closer to normal.
Do organizations need a tax ID number before going to the bank to start an account?
Orgs will need to get a tax ID number before opening an account. This makes sure that no one person has their SSN tied to an org account for a long period of time.
Who should be a signatory?
Only officers and/or advisors should be listed on the account. Student Activities recommends having at least the Advisor, the President, and the Treasurer on the account. Organizations can decide who else should be on the account. Having more than one signatory provides a preventative measure for if a signatory is no longer at UNT and the account has not been transitioned to a new signatory.
How do I switch signatories?
You switch signatories by filling out the Checking Account Verification Request Form found on OrgSync. On the form, you will indicate who you want to remove from the bank account and who you want to add to the account. Please make sure your OrgSync roster is updated to include all of the officers being adding to the account. Once the President and Advisor approve the request, you will be sent a letter that you will take to your bank where you will switch signatories.
What if we don't bank through DATCU?
A lot of student organizations don't bank through DATCU, and that is perfectly acceptable. Because our partnership is with DATCU, you will have to contact your preferred bank for any questions.
What if we can't get everyone together at the bank at the same time?
If you can't get everyone together at the same time, try breaking up your large group of officers that need to be added into smaller groups. To do this, you will have to submit multiple forms. In each form submission, only include those who can meet at the bank at the same time. Remember: everyone who is being added to the account and at least one current signatory will have to be present at the bank. Those being removed do not have to be present. By breaking up those being added into smaller numbers, you should be able to add everyone that needs to be listed as a signatory.
Does the person being removed from the account need to be present at the bank?
Someone who is being removed from the account does NOT need to be present at the bank to be removed. However, they could be used as the current signatory that must be present to make changes to a bank account because technically, they have not been removed yet.
What should student orgs do before submitting a form to make changes?
Before submitting the form, student orgs should make sure their rosters are updated. Everyone being added to the account must be listed as an officer on OrgSync. Additionally, you should let your President and Advisor know to be on the look-out for an email requesting approval.
DATCU New Checking Account Checklist
DATCU New Checking Account Checklist