Ever since financial institutions ( “banks”) struggled to comply with the Patriot Act, internal policies for opening a checking account have gotten more complex and very non-standard. To assist you in this endeavor, we cover the super-set of all the various permutations that we have encountered and separated them into what is most likely and where & how to deal with the unlikely.
Standard: You will be asked for a picture ID and possibly further proof of your identity. You will know how to deal with the personal side, so we will address the professional side in your role as the Chapter Faculty Adviser or FA.
A copy of your FA Appointment Letter and Certificate which confirms your role as FA. With the IRS form showing the assignment of the chapter’s FEIN you received a second Letter of Authority which explicitly states that you have the authority to open and close an account in the name of Delta Mu Delta Honor Society. Some banks will stop here. Also bring a copy of our Financial Institution Introduction Letter. – Link
For further details, bring a copy of the web link to this page. You might get a bank executive to access one of the following from his or her work station and then be satisfied.
You may be asked for a copy of your Chapter Bylaws. You should have recently updated them and provided a copy to Central Office for approval. If you need a copy, ask Central Office. It includes the FA’s authority to deal with opening and closing accounts. Refer them to Article II, Section 3. – Template
You may be asked for proof that DMD has the 1973 letter from IRS granting our 501(c)3) exemption status as a Non-Profit Corporation. It’s on our web site – Link
You may be asked for proof that Delta Mu Delta became a corporation in 1952. This can be verified by going to the web site for the Commonwealth of Pennsylvania and supplying DMD’s legal name “Delta Mu Delta Honor Society” – Link
Each active U.S. chapter is a subordinate of our IRS Group Code for which Central Office assumes responsibility. We apply to IRS for the chapter’s FEIN at its inception, provide our address as the administrative address for the chapter, and we report the required 990-N for each chapter to IRS each year. Also, Delta Mu Delta is required to submit an Annual Report of all active chapters within our Group Code.
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For additional assistance on something not covered here, contact Central Office.