A Board of Director's Resolution to Open a Corporate Bank Account is needed to hold
the corporations funds. This document will specifically state the individuals and officers
permitted to act for the corporation in banking matters. This form contains standard
clauses, however, additional terms and conditions making it fully customizable to fit the
needs of the user. This form should be used by small businesses to pass a resolution
to open a bank account for corporation's funds.
CORPORATE BANK ACCOUNTS
The board was informed that an SS-4 form had been submitted to the Internal
Revenue Service, applying for an employer identification number. Further, the [Title of
Officer] informed the board that it would be necessary to establish one or more bank
checking and savings accounts. The board responded by adopting the following
resolutions:
RESOLVED, that one or more deposit accounts be established in the
corporation’s name and that the [Title of Officer] and the [Title of Officer], of this
corporation, acting on behalf of the corporation, are authorized to establish such an
account or accounts, on terms and conditions as agreed on with the bank.
RESOLVED FURTHER, that the [Title of Officer] and the [Title of Officer],
acting in tandem and on behalf of the corporation, are authorized to designate or open,
from time to time, one or more accounts in other banks, trust companies, or other
financial institutions, and to keep, maintain and close general deposit, checking or
savings, and other special accounts, in such entities.
RESOLVED FURTHER, that any officer of the corporation is authorized to
endorse checks, drafts, or other evidences of indebtedness made payable to the
corporation, but only for the purpose of deposit; and
[OR]
RESOLVED FURTHER, that the [Title of Officer] is authorized to endorse
checks, drafts, or other evidences of indebtedness made payable to the corporation, but
only for the purpose of deposit; and
[OR]
RESOLVED FURTHER, that the [Title of Officer] and the [Title of Officer] are
authorized to endorse checks, drafts, or other evidences of indebtedness made payable to
the corporation, but only for the purpose of deposit; and
RESOLVED FURTHER, that all checks, drafts, and other instruments obligating
the corporation to pay money, including instruments payable to officers or other persons
authorized to sign them, must be signed on the corporation’s behalf by two or more of
any of the following officers: the [Title of Officer], the [Title of Officer] or the [Title of
Officer].
[OR]
RESOLVED FURTHER, that all checks, drafts, and other instruments obligating
the corporation to pay money, including instruments payable to officers or other persons
authorized to sign them, must be signed on the corporation’s behalf by the following
officer: the [Title of Officer].
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[OR]
RESOLVED FURTHER, that all checks, drafts, and other instruments obligating
the corporation to pay money, including instruments payable to officers or other persons
authorized to sign them, may be signed on the corporation’s behalf by any of the
following officers: the [Title of Officer], the [Title of Officer] or the [Title of Officer].
(Prior to opening a corporate bank account, it may be necessary to present to
the bank a certified copy of the board resolution authorizing the account. Therefore, it
may be advisable to include such resolution in the first meeting minutes. Above, there
are several options as to what officers will have the authority to endorse and sign
financial instruments on behalf of the corporation, and how many signatures are
required.)
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