Opening a University Banking Account
The University of Arizona is an agency of the State of Arizona and consequently must exercise control over the use of its name and tax identification number. All banking services utilized by the University of Arizona, including demand and time deposits, checking, wire transfers and ACH payments, and safety deposit box rentals are initiated under a general banking services contract which is awarded through Financial Services Purchasing after a competitive bidding process. No University of Arizona bank accounts may be opened by any individual employee or representative of the University except through an addendum to the existing banking services contract. Some specialized banking services such as bankcard/credit processing, investment, and trust services, may be awarded under a separate contract through a separate bid.
University employees or students may open accounts for various purposes such as petty cash funds, clubs, or other informal associations, but may not use the University name in any account title even if followed by a department or club designation. The University name may be used in addresses if necessary to ensure proper delivery of bank-related documents. However, the University name should not appear on any checks, drafts or other negotiable or assignable instruments or documents. Loans or loan accounts of any kind (including credit cards) may not be initiated except through Campus Banking & Merchant Services. Indemnity agreements or other arrangements for automatic drafts on any University accounts must be approved through Campus Banking & Merchant Services and by an authorized signatory to the account.
Please contact Campus Banking & Merchant Services at email@example.com with questions or for more information.