Question

What to expect when opening an account

Answer

RSOs may open an account at the bank of their choosing. When opening an account, RSOs may be required to provide certain information or documentation, such as:

• EIN or SSN 
  • RSOs can apply for an EIN with the IRS. DO NOT use K-State's EIN.
• Articles of Organization
  • Provide a document from the organization that outlines the individuals who hold officer positions for the organization, their contact information, and the name of the officer position which they hold. 
• One document that proves existence of organization 
  • The organization’s constitution may meet this requirement in some circumstances.
• Authorized Signers 
  • The organization may need to establish who is an Authorized Signer for the account. Individuals may need to show a government issued photo ID.  
  • Updating Authorized Signers - It is possible that only a currently authorized signer would have the authority to make changes to who is on the signature card for the account. To update/change authorized signers, the organization may need to provide the bank with a copy of the minutes from the meeting that outline specifically who/what is changing with the account.