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Opening a DFCU Bank Account

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Getting Started

  • A new entity, Brigham Young University Alumni LLC, has been created for Alumni, Management Society, and Law Society chapters.
  • Chapters are required to open a local account with Deseret First Credit Union (DFCU) for operating activities.

How to Open an Account

  1. Email Matt Sherry (m_sherry@byu.edu) with a list of 2-3 non-related signers and their email addresses.
  2. Matt will send each signer a link to open the account online.
    • Specify your chapter name.
  3. If a chapter lacks 2 non-related signers, Matt and 2 other Alumni Relations staff can act as signer.
  4. Signers will receive a welcome packet from DFCU once the account is opened.

Online Banking

  • After opening the account, signers can create online banking credentials at dfcu.com.

Deposits

Checks and Bill Pay

Account Policies

  • Never place chapter funds in a personal account.
  • Reimbursements must be signed by someone other than the payee.
  • No debit cards are allowed.
  • Signers must be non-related individuals, with at least two (preferably three) signers: Chair, Chair-Elect, and Treasurer.
  • Submit a financial evaluation and statement to Alumni Relations by January 31 each year.
  • An initial deposit has to be made between a month and a month and a half of opening the account or the account will be auto closed.
    1. The account doesn't go completely away, but DFCU has to do some steps to reopen it and a deposit has to be within 24 hours of it being reactivated.
  • If an account doesn't have any transactions for one year it will go dormant.
    1. If the account has a balance it won't be closed, but in order to reactivate it a transaction will need to be made in person (not through the online banking).
  • If the account doesn't have a balance, it will be automatically closed.
  • If an account doesn't have a transaction within 2 years and still has a balance it is possible the funds will be turned over to the state (the lost funds)

Closing Old Accounts

  • Do not close your old bank account until the new one is active. Notify Jason Brown (jason_brown@byu.edu) once the old account is closed.