Opening Bank Account Policy
The University of Washington requires permission from the AVP/Controller, per Administrative Order 1, to open a domestic/international bank account and/or any associated banking services with the university tax id and/or the University of Washington name. Associated services may include deposit accounts, checking accounts, wire transfers, ACH payments, lockbox services, loans of any kind including credit cards, debit cards and safety deposit box rentals. All bank accounts for UW business are opened through Banking & Accounting Operations. Opening bank accounts at a bank or credit union branch location is not allowed.
UW offers two types of bank accounts:
- Requests to open an operational bank account for a university department - bankrec@uw.edu
- Requests to open a check writing bank account to pay research subjects - revfund@uw.edu
University employees and students may open accounts for other purposes such as clubs or associations, but are not allowed to use the UW tax ID on any associated documents, including but not limited to, checks, drafts, cashier's checks, money orders, and loan documents. Permission is required to use the University of Washington tax ID on any documents. Please email bankrec@uw.edu for further guidance. Bank accounts or services opened using the UW tax ID or University of Washington name without permission from the AVP/Controller are subject to closure without notice. For questions or concerns, please email bankrec@uw.edu.
Note: Please do not contact banks directly, as you will be redirected to Banking and Accounting Operations. Please make sure to send all your banking questions to bankrec@uw.edu.
Bank Accounts Outside of State of Washington Policy
If your department requires a bank account outside the State of Washington (including foreign bank accounts), in addition to approval from AVP/Controller, University of Washington must obtain approval from the Public Deposit Protection Commission (PDPC). PDPC is operated by the State Treasurer and request the following information:
- Bank name
- Bank Account Number
- Location of the bank
- Time period of account utilization
- Reason for bank account outside of State of Washington
- Person in charge of the program and bank account
- Dollar limit of the account
- Deposit Insurance of the bank
- Financial Statement of the bank
Departments are required to provide this information to BAO for PDPC reporting. Failure to provide this information may result in closure of the bank account.
In addition, any changes or closure of bank accounts outside the State of Washington is also required to be reported to PDPC. Please update BAO when changes or closure of bank accounts occur.
Last Edited 5/11/2021, Mark Park