Cobalt Credit Union
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Student Organization Banking Account Requirements
What do we need to establish a new student organization account?
1. Approval: The creation of a new banking account for a Student Organization/Club Account must be approved by the organization's governing body (e.g., executive board or student government, university moderator) and/or the university's student affairs office (or equivalent) if the School/Hospital's name is included in the name. i.e., Creighton Basketball Team. The exception to this requirement is for Class accounts, such as Class of 2024.
2. Documentation: The following documentation is required:
Completed Bank Account Application: The student organization/club will need to submit a completed bank account application form provided by Cobalt Credit Union.
Tax Identification Number (TIN): A TIN or Employer Identification Number (EIN). A signer's SSN cannot be associated with the Student Organization/Club due to potential tax reporting. Registration with the Secretary of State is not required.
Contact SBAVPFinance@creighton.edu for the Creighton University Student Groups LLC’s EIN/TIN information.
Authorized Signatories: The responsible party listed on the EIN confirmation may open the account as a signer. Any additional signers or changes of signers require meeting minutes. Signers on an Org/Club account are not required to have their own Membership Share account.
Minutes Documentation: The meeting minutes must reflect the formal approval of the decision to open a new account, including the selection of authorized signatories. EIN confirmation from the IRS serves as the initial documentation and permission for account opening. Copy of each student/moderator state or government issued photo ID.
Social Security Number of each student/moderator
What must the meeting minutes include?
For all discussions related to banking accounts (creation, modification, or review), meeting minutes must:
1. Be recorded during a regularly scheduled or special meeting of the organization.
2. Include the date, time, and location of the meeting.
3. Identify all attendees (including names and roles).
4. Document any motions or resolutions related to the banking account, including:
The specific action taken (e.g., approval of a new account, change of signatories).
The individuals responsible for carrying out the decision.
The final approval through a vote or unanimous consent (indicating the number of votes for/against the proposal).
5. Include a clear record of any necessary follow-up actions or required documentation, such as contacting the bank or submitting forms.
Who can request online access to the student organization account?
Online and Mobile Banking Access: The individual added to the account will receive access to online and mobile banking. This allows the student organization's account to be linked to their personal banking.
To complete this process: Assist the member with self-enrollment while you're working with them in person, over the phone, or via video call. After enrollment, please contact the VP of Retail Operations or the VP of Digital to link the organization's account to their personal online banking.