Opening a Bank Account

Before proposing that an internal bank account be opened, a school/department/center should:

1. Read the University Bank Account Policy and use the Commonly Required Bank Account Docs to gather documentation that will be required by the Office of the Treasurer.
2. Send a Treasury General Request Form to the Office of the Treasurer attaching a completed Bank Account Request Form. Within the body of the email, please include the following information:
   • The request should be signed by a senior business officer. 
3. The ultimate decision to open a bank account is at the discretion of the University’s Trustees, EVP for Finance, or Treasurer. The Office of the Treasurer will work with the school/department/center to collect additional documentation as needed and, if approved, will open the account.
4. Once the completed request and documentation are received from the department/school/center, some of the responsibilities of the Office of the Treasurer include:
   • Investigating bank presence and gather initial country requirements for new or re-purposed bank account(s) (in coordination with school/department/center).
   • Facilitate a conference call (once legal entity structure and residency are known) with global bank relationship/local bank partners and NY/local CU employees to discuss and agree on documentation requirements/timing/expectations.
   • Coordinate the required bank account documentation (driven by the legal entity structure by country and in accordance with CU policies) and oversee the opening of the account(s).
   • Send a test transaction to the new account(s) to ensure operational effectiveness.