Registered associations (Ry) and locally operating foundations

Frequently asked questions about the banking of registered associations

1. What should be done when changes take place on the board of an association?

As a bank, we have a statutory obligation to identify and know our customers. As regards registered associations, the bank must have up-to-date information on their board members. The person authorised to sign for the association may update the board information easily in our self-service channel. For the login codes to the service, please call Nordea Business Centre, tel 0200 26262.

2. How can I open an account for my association?

Please deliver the documents of your registered association in advance via Nordea Omaposti. Note that for the opening of a new customer relationship also specified minutes of meeting of the board are required. The minutes should clearly indicate what services are to be opened and who will receive the user rights and who will be authorised to open the services. Once you have delivered the required documents to us, you can easily open an account and services by calling Nordea Business Centre, tel 0200 26262. If your association is new, we will also need the establishment documents.

3. What should be done when the treasurer changes?

You must inform the bank of the change of treasurer. The person authorised to sign for the association can update the information on the new responsible persons easily in our self-service channel. For the login codes to the service, please call Nordea Business Centre, tel 0200 26262. After this, the user rights can be updated by telephone at Nordea Business Centre. Please deliver the requested documents in advance via Nordea Omaposti.

4. Why have I received a request to update my association’s customer information?

As a bank, we have a statutory obligation to identify and know our customers. This requires updating the customer information at regular intervals. The person authorised to sign for the association can update the customer information easily in our self-service channel. For the login codes to the service, please call Nordea Business Centre, tel 0200 26262. As necessary, the customer information can also be updated by telephone. In this case, the documents must be delivered via Omaposti in advance. Please prepare for the updating of the information by collecting the required information in advance.

5. What documents does the bank need from an association?

If changes take place on the board of the association or in its activities, the customer information must always be updated to the bank. For the updating of the customer information, an up-to-date extract from the Register of Associations, the rules of the association, the minutes of meeting on the election of the board and information on the board members (name, personal identity number, country of residence, nationality and a note whether the person is a politically exposed person (PEP) or not) are required. In connection with new services or changes to user rights, we also need signed and specified board minutes on the changes. The minutes should specify the services to be opened, the user rights to these services and the person who is authorised to open the services.

6. What service fees are charged for an association’s banking?

We have simplified our pricing by providing package solutions that cover the most typical banking needs of registered associations. You can adjust the packages to your association’s particular needs by adopting additional services, if you so prefer. Fees for additional services are charged in accordance with the valid tariff.

7. How is the banking of an unregistered association done?

The services are opened in the name of the person who has been chosen to be responsible for the association’s banking. You can open an account and services by calling Nordea Customer Service at 0200 70 000.

Please note: An association that is not in the Register of Associations cannot obtain any rights or make commitments. It is not a legal entity and therefore cannot act in its own name. Those who act or make decisions on behalf of an unregistered association are personally and jointly liable for any obligations arising from those actions. Other members of the association are not liable for such obligations. An unregistered association may not own property in its name.

8. What kinds of sentences should be used in specified board minutes?

The specified board minutes should clearly indicate the changes to the services, the holder of the user right to these services and the person who is authorised to make the changes.

For example: It was decided to grant the user rights to the association’s accounts nos xxx-xxx and xxx-xxx and the association’s online banking codes xxxxxxxx to John Smith (personal identity number). In this connection, Jane Smith’s user rights to the accounts and online banking service will be removed. John Smith (personal identity code) was authorised to handle the matter with Nordea.