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HOA Bank Account

We are a self managed HOA (3 units - we are all just moved in). We are wondering how we could open a bank account to keep our fund? Should the bank account be a joint account that have all the owner name? What type of account should we open? Thank you, Ken

Answers and Comments

It needs to be a commercial/business account opened in the name of the HOA, and the person designated as the treasurer should have sole access to it. 

30 Dec 2019