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Are prior board members still signers on your association bank accounts?

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If your association has had an election recently, the new board should ensure that owners who previously served are removed as signers from the association bank accounts. This should be done when new board members are added as signers on your bank accounts.

The bank will need to see proof that the new members are authorized to be added, and the President or Secretary will need to be present to either add or remove signers.  You should have a copy of the meeting minutes detailing the election on hand when you visit the bank, and if your association is incorporated, an amended Illinois Annual Report should be filed to record the changes to your board.  Simply submit a new IL Annual Report to the Secretary of State, with "Amended" typed at the top of the form, with the $10 filing fee.  Once the change is processed, your banker will be able to view the names of the current President and Secretary online to verify those authorized to make changes to the association bank accounts.