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How to open bank account for condo corp?
Posted: 23/05/2021 11:11 am
Went to TD to open account for our new condo corp with registered bylaws and condo plan.
And minutes showing the elected board, including me. and showing decision to open bank account.
- They told me I need to go to registries and get articles of incorporation. Is that true?
- As a 4plex side by side condo, do we have to pay commercial fees, like $100 for 50 cheques? Or has anyone got a Non profit account?
- TD told me that no online banking available if we require two people to sign. Are all banks like that?
Does anyone have better experience? With other banks, ATB? Servus?
Any helpful information appreciated.
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2 Replies
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Posted: 15/10/2021 8:13 am
On-line banking is available for corporations even if 2 signatures are necessary. Set up the account so one board member pays the bill (etransfer, one-off, or etf) and another board member approves the payment, on-line, before it is processed by the bank. ATB does this but their fees are very high. National also does this I think. The big banks are expensive so you will need to shop around for this service.
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Posted: 06/11/2021 7:40 am
GibsonT
Apologies for the late reply Carl. Computer/user issues on my part. You were obviously dealing a junior person at the bank.
In my career, I learned how important it is to have two people authorize a disbursement/cheque. Otherwise, there is a serious risk of loss.
Canadian Condominium Institute (CCI) Southern Alberta chapter lost over $40K that way in the last 5 years.
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