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Directors Resolution To Open Bank Account for the United States

Directors Resolution To Open Bank Account Template for United States

A Directors Resolution to Open Bank Account is a formal document passed by the board of directors of a U.S. company that authorizes the opening of a bank account and designates individuals who will have authority over the account. This document serves as official proof for the bank that the company has approved the opening of the account and specifies who can access and manage it. It typically includes details about the type of account, authorized signatories, and specific banking powers granted.

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Directors Resolution To Open Bank Account

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What is a Directors Resolution To Open Bank Account?

A Directors Resolution To Open Bank Account is a crucial corporate governance document required when a company needs to establish a new banking relationship or modify existing banking arrangements. It's commonly used in the United States when incorporating a new company, expanding operations, or changing authorized signatories. The resolution demonstrates to the bank that the company's board has properly authorized the opening of the account in accordance with its bylaws and applicable state laws. This document typically specifies the type of account to be opened, the authorized signatories, their powers and limitations, and any specific banking services required.

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

1. Title and Date: Formal identification of the document as a Directors' Resolution with date of meeting

2. Company Information: Legal name and registration details of the company

3. Meeting Details: Information about the meeting where resolution was passed, including quorum confirmation

4. Resolution Statement: Formal decision to open bank account and appointment of authorized signatories

5. Authorization Details: Specific powers granted regarding the bank account

6. Signature Block: Space for required signatures of directors/secretary

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

1. Additional Banking Services: Authorization for specific banking services beyond basic account operation when company requires additional services like online banking or credit facilities

2. Transaction Limits: Specific limitations on transaction amounts or types when company wants to implement internal controls

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

1. List of Authorized Signatories: Detailed list of individuals authorized to operate the account with specimen signatures

2. Specific Banking Powers: Detailed breakdown of authorized banking activities and limitations

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓÆµ | 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 cash transactions over $10,000

USA PATRIOT Act: Federal legislation that strengthens customer identification requirements and anti-money laundering measures for financial institutions

FDIC Regulations: Federal Deposit Insurance Corporation regulations governing bank account operations and deposit insurance

Know Your Customer (KYC): Banking regulations requiring verification of customer identity and assessment of potential risks in business relationships

State Corporate Laws: State-specific regulations governing corporate operations, including requirements for corporate resolutions and decision-making processes

Articles of Incorporation/Bylaws: Company's foundational documents that outline corporate governance rules and procedures for making corporate decisions

Securities Exchange Act: Federal law governing securities trading and public company requirements, relevant if the company is publicly traded

Sarbanes-Oxley Act: Federal law establishing enhanced corporate governance standards for public companies, including internal control requirements

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

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

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

Corporate Governance Requirements: Rules regarding quorum, voting thresholds, and authorization levels required for corporate banking decisions

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,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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