Can I open a bank account in the name of my condo association?

Article Details

URL:	http://www.dr1.com/support/index.php?_m=knowledgebase&_a=viewarticle&kbarticleid=798
Article ID:	798
Created On:	08 May 2009 03:49 PM

Answer

You should be able to open a bank account in the name of the condo, just as you can do it for any other entity or corporation.

The problem is that some legal departments are not used to seeing condos opening bank accounts and freeze when they see an application.

The same as for a corporation, the bank will need to see:

1) resolution establishing the condo
2) condo bylaws
2) minutes of the condo meeting designating the administrator and giving him/her the authority to open the account.