OPENING A DFCU BANK ACCOUNT
Back to: Chapter Finances and Budgeting
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
- Email Matt Sherry (m_sherry@byu.edu) with a list of 2-3 non-related signers and their email addresses.
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Matt will send each signer a link to open the account online.
- Specify your chapter name.
- If a chapter lacks 2 non-related signers, Matt and 2 other Alumni Relations staff can act as signer.
- 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: Deposit via the DFCU app.
- Cash: Use the CO-OP Shared Branching Network. Find locations on the DFCU website.(https://www.dfcu.com/about/dfcu/locations/).
- Mobile Deposits: Mobile Deposits Instructions
Checks and Bill Pay
- Use e-checks and Bill Pay through your DFCU account.
- Bill Pay Instructions
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.
Closing Old Accounts
- Do not close your old bank account until the new one is active. Notify Jason Brown notify Jason Brown (jason_brown@byu.edu) once the old account is closed.