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Corporate Resolution To Open Bank Account for the United States

Corporate Resolution To Open Bank Account Template for United States

A Corporate Resolution To Open Bank Account is a formal document adopted by a U.S. corporation's Board of Directors that authorizes the establishment of banking relationships and designates individuals who can act on behalf of the corporation in banking matters. This document, governed by both federal banking regulations and state corporate laws, serves as official evidence for financial institutions of the corporation's authorization to open and maintain bank accounts and conduct banking transactions.

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Corporate Resolution To Open Bank Account

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What is a Corporate Resolution To Open Bank Account?

The Corporate Resolution To Open Bank Account is a crucial document required by U.S. financial institutions when establishing banking relationships with corporate entities. It demonstrates that the corporation has properly authorized the opening of bank accounts and specified who can access and manage them. This resolution is typically adopted during a Board of Directors meeting and must comply with federal banking regulations, including the Bank Secrecy Act and USA PATRIOT Act, as well as state-specific corporate laws. The document includes details about authorized signatories, their powers, and any limitations on their authority.

What sections should be included in a Corporate Resolution To Open Bank Account?

1. Title and Date: Corporate name, date of resolution

2. Meeting Details: Information about when and where the resolution was adopted

3. Purpose: Statement of intent to open bank account

4. Bank Details: Name and address of the bank where account will be opened

5. Authorization: Powers granted regarding the account

6. Authorized Signatories: Names and titles of persons authorized to operate the account

7. Certification: Secretary's certification of the resolution's validity

What sections are optional to include in a Corporate Resolution To Open Bank Account?

1. Additional Services: Authorization for specific banking services such as credit cards, online banking, wire transfers

2. Spending Limits: Transaction limits and approval requirements for authorized persons

3. Multiple Accounts: Authorization provisions for opening and maintaining multiple accounts

What schedules should be included in a Corporate Resolution To Open Bank Account?

1. List of Authorized Signatories: Detailed list of authorized persons with specimen signatures and signing authorities

2. Corporate Documentation: Copies of incorporation documents, bylaws, or operating agreement required for bank verification

3. Board Meeting Minutes: Minutes of the meeting where the resolution was adopted

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 legislation that includes crucial customer identification requirements for opening bank accounts and maintaining banking relationships

Federal Reserve Regulations: Federal banking regulations governing various aspects of bank operations and account management

FDIC Requirements: Federal deposit insurance requirements and associated banking regulations for account establishment and maintenance

State Corporate Laws: State-specific legislation governing corporate operations, including requirements for corporate resolutions and authorized signatories

Articles of Incorporation and Bylaws: Company's founding documents that dictate internal rules and requirements for corporate actions, including banking relationships

Know Your Customer (KYC): Regulatory requirements for banks to verify the identity of their clients and assess potential risks of illegal intentions

Anti-Money Laundering (AML): Regulations requiring banks to prevent, detect, and report money laundering activities

OFAC Regulations: Office of Foreign Assets Control regulations governing transactions and ensuring compliance with U.S. sanctions

State Banking Laws: State-specific regulations governing banking operations and account opening procedures within the state

Internal Revenue Code: Federal tax regulations including requirements for tax identification numbers and W-9 forms for bank account opening

Uniform Commercial Code Article 4: Standardized regulations governing bank deposits and collections, including rights and obligations of banks and their customers

Teams

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