If you're a fraternity treasurer or president, you may have heard about Switch for your chapter's banking setup.
So, what's Switch all about, how do you use it, and is it worth trying out if you're looking into fraternity banking? This in-depth review aims to find out, and shows how you can get the most out of Switch by connecting it with MyGreek!
Switch is a modern banking app built for casual groups like fraternities, sororities, clubs, and just regular groups looking to collect payments (like for fantasy football). It offers basic tools to collect money, store it in accounts, and issue physical or virtual debit cards. With 1.5% cashback on purchases at certain stores, it’s appealing to fraternities trying to modernize their finances.
To get started with Switch, a chapter admin needs to contact the Switch team. Members can join MoneyPools via a joinswitch share link sent by the chapter admin.
Charges are created through something called Money Pools. For example, if you’re billing for dues or a formal, you’ll create a pool and send the link to your group chat.
But here’s the catch:
This means you're still tracking who hasn’t joined, who hasn’t paid, and who still owes you - in a spreadsheet or elsewhere.
To make a payment with Switch, send your Money Pool's payment link to your group chat. Members will need to make an account and join the Money Pool before they can make a payment.
Once paid, funds are deposited into a chapter “Account.” You can have different Accounts for different purposes - like rush, social, or brotherhood - and assign cards to each one.
Withdrawals to an external account are free (standard timing). Instant transfers are available for a 1.75% fee. To withdraw your Money in Switch, go to the organization's account, go to Settings, and select Withdraw to an external account.
Cost is a big selling point of Switch since they do not charge any subscription fees. Members can pay into a MoneyPool with a debit card for free, and with a credit card for 3%.
So, should you consider Switch if you're in the market for a collections and banking platform? Lets take a summarized look at some of the pros and cons of using Switch.
Crowded is a banking app for non-profit organizations. They help with Form 990 compliance which helps keep your chapter compliant. They also allow you to issue cards to specific officers, and have collections tools for collecting from members. Crowded still lacks the analytics, but may be better served for your chapter.
Novo is a modern small business bank account with great integrations. While it’s sleek and fast, it’s not designed for member-based collections, making it harder to manage dues or events directly.
Ramp is more of a corporate expense platform and works best for national-level or alumni boards managing large budgets. It includes great spend controls and card features but lacks member-level collection tools.
Managing chapter finances is complicated, and platforms like Switch give you a banking solution that makes it easier. You can collect and disburse funds easily through any banking platform, whether it's Switch, Crowded, Novo, Ramp, or any combination of the hundreds and thousands of banks out there.
What really matters is the knowledge you apply to the job. Educating yourself about all of the responsibilities of the treasurer position, and not just the banking and collecting, will make sure you don't become infamous in your chapter.
So, do yourself a favor and connect into MyGreek to get a well-rounded solution for fraternity finances. By connecting Switch into MyGreek, you'll have better analytics for collections, make it easier for members and parents to pay, have the ability to budget and track expenses from Switch transactions, and still have the ability to use Switch Accounts and card features.
Check out MyGreek today and see how it easily integrates with Switch.
