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Student Groups Must Open Accounts at Harvard University Employees CU, School Says

CAMBRIDGE, Mass. - Harvard University Employees Credit Union can expect to see a bump in new accounts this fall. Harvard University officials recently told student organizations that they must open accounts at the credit union in what it describes as a cost-cutting move and a means to increase fiscal accountability...

By Staff Writer | Updated on August 31, 2004

CAMBRIDGE, Mass. – Harvard University Employees Credit Union can expect to see a bump in new accounts this fall. Harvard University officials recently told student organizations that they must open accounts at the credit union in what it describes as a cost-cutting move and a means to increase fiscal accountability among student groups’ officers. Assistant Dean of the College Paul McLoughlin said several student organizations weren’t being allowed to use the Harvard Tax ID to open bank accounts and had to pay a $12 monthly fee. HUECU offers no service fees, unlimited monthly dual-signature checks, free online and 24-hour automated access for student groups, according to its Web site. Student groups have until November to move their accounts over or face not being officially recognized by Harvard, according to a memo sent to all student groups. McLoughlin said other Ivy League schools such as Princeton and MIT have enacted similar arrangements for their student groups. Princeton’s student groups must have accounts with Fleet Bank and MIT groups have accounts directly with the school. HUECU serves more than 25,000 members and has $192 million in assets.

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