Harvard Mandates CU Accounts

CAMBRIDGE, Mass. - (08/23/04)-- As the fall semester begins atHarvard University, student groups are being informed they will nolonger be permitted to maintain outside bank accounts, and insteadmust open accounts at Harvard University Employees CU. Theuniversity said the decision is aimed at decreasing costs forstudent organizations while also increasing fiscal accountabilityamong student group officers. Assistant Deans Paul J. McLoughlinand Judith H. Kidd informed the groups of the change in an e-mail.The CU charges no fees to the groups, and will assign arepresentative to advise groups on how to divide funds betweeninterest-bearing and non-interest bearing accounts.