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Board Resolution For Account Opening for the United States

Board Resolution For Account Opening Template for United States

A Board Resolution for Account Opening is a formal document that records the decision made by a company's Board of Directors to open one or more bank accounts. In the United States, this document must comply with federal banking regulations, state-specific corporate laws, and the company's own bylaws. It typically includes details about authorized signatories, account types, and specific banking powers granted to designated individuals.

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Board Resolution For Account Opening

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What is a Board Resolution For Account Opening?

A Board Resolution For Account Opening serves as the official record of a board's decision to establish banking relationships and is typically required by financial institutions in the United States before opening corporate accounts. This document demonstrates proper corporate authorization and compliance with governance requirements, while protecting both the company and the bank. It specifies who can operate the account, what types of transactions are permitted, and any limitations on authority. The resolution must align with federal banking regulations, state corporate laws, and internal corporate governance documents.

What sections should be included in a Board Resolution For Account Opening?

1. Title and Date: Formal identification of the document and date of resolution

2. Company Details: Full legal name, registration number, and registered address

3. Meeting Details: Date, time, location, and quorum confirmation

4. Resolution Statement: Main body declaring the board's decision to open account(s)

5. Bank Details: Name and details of the chosen banking institution

6. Authorized Signatories: List of persons authorized to operate the account

7. Execution: Signatures of required board members and company secretary

What sections are optional to include in a Board Resolution For Account Opening?

1. Multiple Account Types: Additional section required when opening various types of accounts simultaneously

2. Online Banking Authorization: Specific authorization section for digital banking services when required

3. Foreign Currency Accounts: Authorization section for foreign currency accounts when international banking is needed

What schedules should be included in a Board Resolution For Account Opening?

1. Schedule A - Authorized Signatories List: Detailed list of authorized persons with specimen signatures

2. Schedule B - Account Types: Details of different accounts to be opened

3. Schedule C - Banking Services: List of additional banking services authorized

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok成人版 | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

United States

Document Type

Board Resolution

Cost

Free to use
Clauses





















Industries

Bank Secrecy Act (BSA): Federal law requiring financial institutions to assist government agencies in detecting and preventing money laundering, including requirements for reporting and record-keeping

USA PATRIOT Act: Federal law with specific requirements for customer identification programs and enhanced due diligence procedures for financial institutions

State Corporate Laws: State-specific legislation governing corporate formation, operation, and documentation requirements, including rules for corporate resolutions

Know Your Customer (KYC) Regulations: Regulatory framework requiring banks to verify customer identity and assess risk factors before providing banking services

Anti-Money Laundering (AML) Requirements: Regulations designed to prevent conversion of illegally obtained money into legitimate banking instruments

OFAC Regulations: Treasury Department regulations concerning transactions with sanctioned countries, entities, and individuals

Articles of Incorporation: Company's founding document that must be consulted for any restrictions or requirements regarding banking relationships

Corporate Bylaws: Internal rules governing company operations, including authorization requirements for banking activities

Securities Exchange Act: Federal law governing securities trading and public company requirements, including disclosure obligations

Internal Revenue Code: Federal tax laws including requirements for tax identification and reporting for bank accounts

FATCA: Foreign Account Tax Compliance Act requirements for reporting of foreign financial accounts and offshore assets

Federal Reserve Regulations: Central bank requirements governing banking operations and account maintenance

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks, 聽Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination, 聽Severance Pay, Governing Law, Entire Agreemen

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