Student Organizations Bank Accounts

To prevent the misuse or inaccessibility of student funds, it is the policy of Daemen College that student organizations and their moderators are not permitted to open checking accounts off campus.

In particular, student organizations are not allowed to use the College’s Federal Tax ID number in any economic activities. No contracts on behalf of Daemen College may be signed by student organizations.

To assist student organizations with their banking needs, we set up separate lines within the Student Association account structure and process their deposits and expenses through the Business Office.

All funds collected and spent by student organizations should go through the Office of Business Affairs. Student organizations are prohibited from using unapproved banking sources such as PayPal, Venmo, Zelle, or similar cash exchange programs or applications.

A secure credit card reader is available for loan to any club or organization who wishes to sign it out for an event or sale. A small rental fee, as well as fees for credit card processing will be charged to the organization. See Mobile Card Reader for more details.