Society Bank Accounts

All societies must have their own, independent, bank account and use the same financial institution as SMUSA which is currently RBC located on the corner of Spring Garden and Summer Street. Each account must have at least two signing authorities and they both must be required to sign all transactions. Societies are required to obtain a letter from SMUSA to either open a new account or to take responsibility for an existing account. The RBC Client Card must have its limits set to $0.00 and the Client Card can be used to acquire an RBC Agent Card. The Agent Card is used to deposit only. Once the Agent Card is acquired each society is required to submit their Client Card to SMUSA where they are filed in the Society Coordinator’s office. Societies are not allowed to have individual officers make withdrawals using a Client Card. The Agent Card allows for deposit only. Societies are required to use a checking account for all payment transactions and each cheque requires a minimum of two signatures.

In order to actually have money in a society bank account, all societies must collect a membership fee of at least $1 from each member.

Class A, B, D and E societies are required to create and maintain society bank accounts. Before you attempt to open a new bank account, you should:

1. Contact the SMUSA Society Coordinator on the fifth floor of the Student Centre. They will assist you in finding whether your society has an old dormant bank account and help you gain access to any remaining balances.

2. Obtain a confirmation letter of your society status. This letter is available from the General Manager.

A new society bank account must

• Be a Commercial/Business account (Royal Business Community Account) under the name of the society preceded by the phrase "Saint Mary's University" (e.g. The Saint Mary's University Commerce Society)

• Have a minimum of two signing authorities from the executive of the society, with a required minimum of two signatures on any cheque to be cashable.