Custody Accounts

Custody Accounts are holding accounts available to those Sections in Regions 8, 9, and 10 which have difficulty exchanging currency to pay for membership and other services at IEEE. These accounts are administered by the Section/Chapter support area of the Member and Geographic Activities department.

To participate in the Custody Account program, a formal letter with the signatures of the Section Executive Committee is required. The Section must designate one administrator, usually the Section Treasurer, for this account along with a current means of communication such as fax or email.

Section members pay the administrator in local currency for the services required such as renewals, new applications and publications (collectively called transactions). Forms are provided to track and control these transactions, maintaining records of all deductions and deposits.

The money collected for transactions is deposited in the Section’s local bank account and the forms are forwarded to Member and Geographic Activities.  The submitted transactions are paid with funds from the Section’s U.S. based Custody Account.  The locally held money is to be used for Section operations.

Section Rebates are automatically deposited into the Section Custody Account. The Section will receive an acknowledgment once they qualify for the Rebate and payment is deposited on account. In addition, the Section may send deposits in the form of UNESCO Coupons, wires, check or money order in US dollars. 

Interest is paid on balances in the Custody Account. A regular statement of the account will be provided to the administrator and is available on the web in a password protected account. 

If you are interested in opening a Custody Account or would like more information, please send an email to custody-account@ieee.org