Opening or Reactivating a Bank Account

 

Advantages of a Business Services Account:

 • No minimum balance
•  No service fees
 • No holds on deposits
•  Event services and supplies
 • Budgetary advice
 • Accounting assistance
 • Competitive interest rates
 • Personal attention

 

Guidelines to open or reactivate an organization’s bank account at Business Services:

1. Your organization must be registered on UConntact.

2. Your organization must complete a Banking Contract for the current fiscal year as follows:

    • The Treasurer, President, and Advisor are required signers.
    • A fourth signer is required.
    • A fifth signer is optional.
    • All signers must be listed as Executive Officers on UConntact.
    • Each member should sign with his/her most natural signature, as these will be used to validate each Disbursement Request that is submitted.

3. The Treasurer must complete the following workshops, if they have not already done so:

    • SOLID Treasurer Training – online workshop (available after August 1).
    • SABS Treasurer Training – online workshop (available after August 1).

Opening a New Account

Follow these steps to open a new Business Services bank account:

  1. Register your organization on UConntact as a Tier II organization:
  1. Once registered on UConntact, complete a Banking Contract and Beneficiary Card:
    • These forms and directions to complete them are found on the Forms/Financial Tools page of the Business Services website.
    • Submit a banking contract following the above guidelines every fiscal year.
    • Banking contracts are effective beginning July 1 (or the date it is approved by Business Services) and expire on June 30 each year.
    • Beneficiary Cards are valid for 5 years.

Reactivating an Existing Account

Follow these steps to reactivate an existing Business Services bank account:

  1. Re-register your organization on UConntact:
  1. Once re-registered on UConntact, complete a Banking Contract and Beneficiary Card (if necessary):
    • These forms and directions to complete them are found on the Forms/Financial Tools page of the Business Services website.
    • Submit a banking contract following the above guidelines every fiscal year.
    • Banking contracts are effective beginning July 1 (or the date it is approved by Business Services) and expire on June 30 each year.
    • Beneficiary Cards are valid for 5 years. You will be notified if your Beneficiary Card needs to be updated.

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