Instructions for opening a new bank account
- A new LLC entity with its own tax id has been created for Alumni, Management Society, and Law Society, chapters to use. The name of the entity is Brigham Young University Alumni LLC.
- All local chapter bank accounts using the old tax id need to be closed and reopened with the new LLC’s tax id.
- We have partnered with Deseret First Credit Union (DFCU) to handle opening up all local accounts for chapters.
- Please email the list of signers you would like on your account along with their email addresses to Jason Brown (email@example.com), Controller of Alumni & External Relations. Jason will then send each signer a link to open the account online. When filling out the information please specify when you are asked for your chapter name whether you are an Alumni, Management Society, or Law Society chapter. Once each signer has submitted their information, DFCU will then open the account.
- Signers then receive a welcome packet from DFCU about the account.
- Check deposits are made by using the DFCU app.
- Cash deposits can be made by using DFCU’s national credit union CO-OP Network. They call it Shared Branching. You find a participating credit union in your area and you give them your account name and number and they deposit the money for you and it gets credited to your account. See DFCU’s website for locations of shared branches (https://www.dfcu.com/about/dfcu/locations/).
- Please keep in mind the following policies regarding chapter bank accounts.
- Never place chapter funds in a personal account.
- You cannot make a check out to yourself and sign it for reimbursement. Someone else must sign the check.
- No debit cards are to be issued.
- Only non-related individuals can be signers on the account. At least two signers are needed on the account; three is preferred. It is suggested the signers be the (1) chair, (2) chair-elect, and (3) chapter treasurer.
- Keep the account balance under $5,000. For funds over $5,000, please send to the Alumni Relations office for deposit into your chapter's BYU account.
- A financial evaluation and statement is due to the Alumni Relations office by January 31 of each year.
Note: Please don’t close your old bank account until the new one is opened. Once the new account is opened, please close the old bank account and notify Jason Brown (firstname.lastname@example.org) that the account is closed.