Money Matters

Bank Accounts

When opening or updating a bank account, Student Activities only assists with providing a letter stating that a student org is registered and confirms who is being added/removed to an account. This is mainly for Wells Fargo accounts unless a special request is made by a different establishment. For any specific bank/tax questions, please refer to the FAQs link below or speak with an IRS/Bank provider. 

Note regarding additions to the account:

In addition to at least one current signatory being present at the bank when these changes are being made, all individuals being added must be present at the same time with an official form of identification (passport, driver's license, etc.), their student ID, and the letter provided by Student Activities. This applies during COVID-19. Transitions can be made at any open Wells Fargo by setting an appointment in advance and arriving with the people you plan to add. Currently, the Wells Fargo location on-campus and off the square are closed. Therefore, if not all individuals that an organization desires to add can be present at the bank at the same time, the organization will need to submit a subsequent form adding those that cannot attend with this group. Ideally, this would happen after the new individuals are added to the account. For example, if the organization wants to add persons A, B, and C, but person C cannot go to the bank at the same time as A, B, and the current signatory, then the organization should request to add persons A and B now and will have to submit a letter to add person C at a later time. 

Note: If someone is being removed from the account, they do not need to be present at the bank.

At this time, we understand that for some of you, it is not possible to make an appointment to meet at Wells Fargo in-person. We are working with them to see how your organizations can proceed to transition signatories if you are out of town/state. We will send updates when we receive them.

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