Finance clubs matter when they help you build qualifications banks value, not simply because their name appears on your resume. An active member who learns accounting, builds relationships, and organizes meaningful projects may gain a real recruiting advantage. A passive member who attends two meetings and lists the club under activities probably will not. I think students often give the club name too much credit.
Investment banking recruiters usually assess the full package: academic performance, relevant experience, technical knowledge, communication skills, demonstrated interest in banking, and professional relationships. Club participation can strengthen several areas at once, but it cannot replace them. A prestigious student investment fund will not make up for weak interview preparation, and not belonging to a finance club does not disqualify an otherwise strong candidate.