Who Can Access Your Condo Bank Accounts?
Pin It

It's the nature of condo associations to experience board member turnover. It might happen every year or it might happen less frequently. It might happen because a board member steps down, is voted out or sells their unit. Whatever the reason and whenever board turnover does occur, new board members need to be onboarded and old members removed from association business. This includes updating the signers on your association bank accounts to reflect the current board and remove anyone who should no longer have access. 

New board members will need to visit their bank in person to update signers. You'll need the following when you head to the bank:

  • An up to date Corporation File that reflects the current board
  • Meeting minutes documenting the change in board members
  • Your association's FEIN (Federal Employer Identification Number) as assigned by the IRS
  • Prior board members, possibly, who are to be removed from the accounts

Depending on the bank your association uses, this task may be a breeze or very challenging. We are seeing more hurdles with banks recently as they step up security to combat fraud. Your experience may also depend on the particular branch you visit and the representative you speak with. 

Changing signers requires some time and energy, but it will ensure that the correct individuals have access to your bank accounts and that the association's assets are protected.