Opening a bank account

Started by RobertB8 • 3 replies • 2259 views

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RobertB8 (California)
Posts: 4

Posted:

I moved into a 4 unit complex in February and thus far no one really knows what they are doing. The seller has provided us with bylaws and cc&r's but we are pretty much on our own. We have tried to open a operating and reserve account at the bank but they turned us away because we didn't have a fictitious business name statement or a Tax ID number. Does anyone know what you need to start an account if you are considered a non incorporated association? Any help would be very much appreciated. We recently got a note saying that they are turning off our water. We need to mobilize asap. Thanks.

RogerB (Colorado)
Posts: 5,067

Posted:

RobertB8, you do not need a "fictitious business name statement" when your HOA has established a name. Contact the IRS to find out how to get a tax ID number. And if checks are needed now, you can go to a bank that will open a checking account immediately. For a none interest checking account I don't think an IRS ID number is required. Take along a copy of the HOA's minutes which includes the names of the Board members who will be signers on the account.

RobertB8 (California)
Posts: 4

Posted:

very much appreciated. I'll let you know how it turns out. Thanks again.

GloriaM (North Carolina)
Posts: 829

Posted:

Robert:

With the Patriot Act, every new account would need, the Articles of Incorporation, the Tax ID # and the signers information. The bank can get the information they need off the Articles of Incorporation and Tax ID.

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