It is mandatory for all student organizations to have a group bank account unless they have been explicitly granted an exception. The bank account must be registered under the name of the student organization and should never be under the name of any individual.
Please keep in mind the following in regard to you group bank account:
- UTMSU maintains a standing policy which states that funds will not be granted to clubs who have outstanding debts and budgets. These groups will not be considered for funding until a Club Financial Statement is submitted and approved.
- Debt payback must be stipulated before funding is administered.
- The UTMSU highly encourages executives responsible for the financial matters of the club to take swift action when it comes to banking. For instance, whenever an event generates revenue from ticket sales or other income sources, these amounts should be deposited into the bank account within 3-5 business days.
Bank Account Transfer
You may contact the CSE if you are NOT recognized by UTMSU and would like support with opening a bank account.
Before your request is processed, the Centre for Student Engagement will be checking to verify that:
- The Primary or Secondary Contact provided in this form is the Primary or Secondary Contact listed for your group on Ulife.
- The email address provided in this form is a valid, personal @mail.utoronto email address that is listed on Ulife for the Primary or Secondary Contact.
- Your student group is currently recognized through the 2020-2021 academic year.
If any of those points do not check out, your request will be canceled and must be resubmitted and confirmed by the proper Primary or Secondary Contact.
- Bank letter: Request a letter with CSE or contact the UTMSU Clubs Coordinator
- Photo ID for identification purposes
- Bank access card(s)
Defunct Financial Policy (UTMSU)
- Student groups are responsible for maintaining their provided bank account and resolving all debts
- Student groups must provide a bank letter to banks stating that UTMSU has permission to seize accounts after the account has remained inactive for at least 12 months
- The UTMSU is not responsible for any debt incurred by student groups
- Funds remaining in a defunct student group’s bank account will go to UTMSU to be re-distributed among active student groups requiring financial assistance