All student organizations are strongly encouraged to maintain an organization bank account. CommonWealth One Federal Credit Union is a resource on campus that offers student organizations free checking accounts with no monthly fees or minimum balance requirements.
Organizations wishing to open a bank account should follow the steps below:
- Have the adviser apply for an Employee Identification Number (EIN) by contacting the IRS. Directions can be found below for obtaining an EIN number. Organization bank accounts are required to have an EIN.
- Important information for Sports Clubs use of their allotted finances will be communicated to the organization by University Recreation.
- Schedule an appointment with your bank to open the account. All intended signers must be present and a copy of the SS4 (EIN number) provided to the bank.
Update the signers on the account every time you elect new officers or have an adviser change to ensure the proper individuals have access to organization funds and statements. Before going to the bank, please submit the "Bank Authorization Letter Request" on Be Involved (under Surveys & Forms). Student Leadership and Involvement will send the letter directly to the staff at CommonWealth One.
If you have any questions about this contact Student Life at beinvolved@jmu.edu