Banking - Change of Signatories
Each club affiliated with the USU must maintain its own bank account with at least two current executives as signatories on the account. The method of operation of these accounts must require at least two signatories to sign off + approve transfers out of the account.
At a minimum, your signatories must include your President and Treasurer, but the USU recommends that a third signatory (usually the Secretary) be added.
All new Club bank accounts opened are with the Commonwealth Bank of Australia (CommBank). As part of the new Club application process, applicants should be aware that a deadline will be imposed to open a club bank account after your IGM is finished to complete your registration.
Signatory availability
Your signatories need to be accessible in-person to process payments and reimbursements, and to wet-ink sign over access to the account at the end of their term. Not being able to access your bank account can cause serious issues for an executive team.
If you become aware that any signatories will become unavailable for a long period of time, the Club should prepare accordingly including changing bank signatories or organising a new election.
It can be a good idea to ask members that may wish to become Treasurer or President about their long-term availabilities in the months following the AGM and during their term. If someone will be out of the country for long periods of their term, and especially at the end of their term, they may not be suitable for the role.
For more information about payments and reimbursements, refer to the 2026 Finance Handbook.
Changing bank signatories
Changes to a Club’s bank account, including the opening of new accounts, must be called for by a motion at a formal meeting of the Club, such as an Ordinary or General Meeting. An example of this motion is included in the USU’s Minutes template, to best align with your banks’ requirements.
Clubs must include a motion to change bank signatories after the election at each Annual General Meeting. If this motion is forgotten at the AGM, it must be done at an Ordinary Meeting to follow as soon as possible. This is also true whenever a previous signatory position is otherwise re-elected at a General Meeting.
After your meeting documents are approved and processed by the Clubs Team, a signed letter will be printed for collection from the Clubs team. This letter endorses your minutes and includes detailed instructions on how to follow the banks’ process to change your signatories. The specifics of the process differ slightly between banks but as a minimum:
- your outgoing signatories will need to physically sign a printed copy of the minutes to be brought to the bank by the incoming signatories. Note, when you have 3 or more signatories being removed, the signatures of the outgoing Treasurer and President alone may be sufficient.
- A signed authorisation letter from the USU will need to be collected from the Clubs & Societies Office, after your post-meeting documentation has been approved.
- your incoming signatories will need to attend an appointment of the bank with sufficient forms of ID and the signed minutes of meeting and authorisation letter above
If all documents are ready, the bank teller will take you through the steps of becoming a signatory. The required documentation for changing bank signatories comes from your bank, which is why the USU is specific in its recommendations. If you have questions or concerns about the process, such as an outgoing signatory being unavailable, you should contact the bank first.
For any USU-related questions, such as how clubs are allowed to use the funds in their bank account, you can refer to the 2026 Finance Handbook.
This article was last updated March 2 2026