Associations, foundations, cooperatives and common interests

How to open services for an association

The fee to open services for a new customership is 300 EUR.

1. Collect the requested documents

• An up-to-date extract from the Register of Associations and the rules of the association. (The Finnish Patent and Registration Office must have this information)  
• Signed statutory general meeting minutes confirming the election of the board of directors. The minutes shall indicate each board member elected. This means that if the board of the association is not elected in one meeting, you need to provide us with other relevant minutes. 
• List of the board members: full name, nationality, country of residence, personal identity number and information on whether they or their close relatives are politically exposed persons (PEPs). Please use our template.  
• Signed minutes of a meeting that indicate the services to be opened. 
  See below the phrases approved by the bank to be used in the minutes for opening services. 

2. Send the documents through Nordea Omaposti.  

• Select “Registered associations and foundations” as the topic of your message.  Write the name of the association and your phone number in the message field. You can also mention the best time of the day to reach you.   
  
  Log in to Nordea Omaposti. 

3. Wait to be contacted

• We will contact you as soon as possible after you have delivered the documents.  

If the customer is not a registered association, see the required documents here. 

Have there been any changes in the board of the association? If not, send us the signed board meeting minutes that indicate the changes to the services. If yes, send us all the documents listed below for us to update your customer details required by law. 

How to make changes to your user rights and services

1. Collect the requested documents

• Signed board meeting minutes that indicate the changes.
  See below the phrases approved by the bank to be used in the minutes for making changes to the user rights and services.  
• An up-to-date extract from the Register of Associations and the rules of the association. (The Finnish Patent and Registration Office must have this information) 
• Signed statutory general meeting minutes confirming the election of the board of directors. The minutes shall indicate each board member elected. This means that if the board of the association is not elected in one meeting, you need to provide us with other relevant minutes. 
• List of the board members: full name, nationality, country of residence, personal identity number and information on whether they or their close relatives are politically exposed persons (PEPs). Please use our template.  

2. Send the documents through Nordea Omaposti

• Select “Registered associations and foundations” as the topic of your message.  Write the name of the association and your phone number in the message field. You can also mention the best time of the day to reach you.  
  Log in to Nordea Omaposti.

3. Wait to be contacted

•  We will contact you in order to be able to update your customer details and make the changes. 

If you are not representing a registered association, see the required documents here.

Opening an account and services

A decision was made to open a payment account, the Nordea Business online banking service and a Nordea Business Visa Debit card [write any other services here] at Nordea. [name, personal identity number] was appointed as the Administrator in Nordea Business. 

In addition [name, personal identity number] has the right to use the new Nordea Business Visa Debit card. Using the card requires that a separate authorisation to use the association’s accounts is added to enable cash withdrawals and credit transfers. 

[Name, personal identity number, phone number and email address] was authorised to open the above-mentioned services, to sign the agreements governing them and to provide Nordea with the customer due diligence information on the association. 

Choosing an administrator

The Nordea Business agreement includes a power of attorney for appointing administrators. According to the power of attorney, the administrators have, among others, an extensive right to authorise other persons to use Nordea Business, the accounts and other services in Nordea Business. 

[Name, personal identity number] were appointed as administrators.

A decision was made that the administrators have the right to make changes to the other persons authorised to use Nordea Business:

[  ] each administrator alone

[  ] two administrators together

Changes to Nordea Business user rights

[name, personal identity number] was appointed as the Administrator in Nordea Business. The Administrator rights of [name, personal identity number] are removed. 

Where relevant: [Name, personal identity number] was authorised to withdraw the authorisation of [name, personal identity number] to use the association’s accounts/cards. 

Where relevant: [name, personal identity number] was granted the right to order a Nordea Business Visa Debit card linked to the payment account. Using the card requires that a separate authorisation to use the association’s accounts is added to enable cash withdrawals and credit transfers. 

[Name, personal identity number, phone number and email address] was authorised to open the above-mentioned services, to sign the agreements governing them and to provide Nordea with the customer due diligence information on the association. 

Changes to payment services

With a power of attorney for payments, you can authorise e.g. an accounting firm to transmit payment files on your behalf. Send us the signed power of attorney for payments and the signed minutes of a meeting that indicate the changes as instructed on the form. 

Opening new services on changing the existing services

A decision was made to open/change the services covered by the attached power of attorney for payments [signing date of the power of attorney] and to connect these to the bank connection channel [number of transmission channel] of the accounting firm/software provider [name]. [Name, personal identity number, email address, mobile phone number] is authorised to enter into and sign the service agreements concerning the payment services.  

See also instructions on how to deliver the power of attorney for payments and the form on the services you want to open or change.

The financial administration software you use needs a bank connection software (Web Services)

A decision was made to open a Web Services connection for the association/entity. The Administrator is [name, personal identity number, phone number]. [Name, personal identity number] was authorised to open the connection and to add the required payment services (e.g. account statements, corporate payments). [Name, personal identity number, email address, mobile phone number] is authorised to sign the service agreements concerning the payment services.  

Taking out a loan

As a rule, the board of the association can make decisions on matters related to credit and collateral if it has a separate authorisation by a regular meeting of the association or when the decision item is directly derived from the rules of the association. Otherwise, decisions on matters related to credit and collateral will be made at a regular meeting of the association. 

A loan or an overdraft facility 

A decision was made to take [a loan/an overdraft facility] of up to [XXX] euros for [describe the purpose of use] from Nordea Bank Abp in accordance with the bank’s general terms and conditions for credits. [Name, personal identity number] was authorised to have a loan negotiation with the bank, to agree on the final credit terms and conditions, to sign the credit agreement and to provide the bank with the customer due diligence information on the association. 

Ordering a First Card 

A decision was made to order a First Card from Nordea Bank Abp with a credit facility of up to [XXX] euros per month. [Name, personal identity number] was authorised as the cardholder to sign the card agreement and to provide the bank with the customer due diligence information on the association. 

Note: Please edit the phrase if you want to order more than one card. 

Providing collateral

A meeting of the association must make decisions on matters related to credit and or give a separate authorisation to the board of the association, or the decision item must be directly derived from the rules of the association for the board of the association to be able to decide on the matter. 

Special collateral 

A unanimous decision was made to pledge the below assets belonging to the association to Nordea Bank Abp as special collateral for the below-mentioned credit/commitment and to accept Nordea Bank Abp’s general terms and conditions of pledge. 

Specification of collateral: [Specify the collateral in detail] 

Credit/commitment for which the above-mentioned pledge stands for: [Describe the credit/commitment in as much detail as possible, e.g. amount of loan applied for]. 

[Name, personal identity number] was authorised to agree on the terms and conditions concerning the collateral and to sign the pledge documents on behalf of the association. 

Savings and investments

The association must provide the board meeting minutes (or statutory general meeting minutes, if according to the rules of the association the board is not authorised to make decisions on investments) appointing and authorising a designated person to agree on savings and investment products and services with Nordea Bank Abp and to submit orders related to savings and investments to Nordea Bank Abp on behalf of the association. These products and services are managed in the Nordea Business online banking service, the adoption of which must be approved by decision of the board. 

See our standard clauses for adopting Nordea Business. 

Opening and adopting a fund portfolio and/or a book-entry account and trading services 

Note! If you are using Nordea Business, you can open a Time Deposit Account directly in Nordea Business as a self-service. 

The board decide to open [name of the service, such as a fund portfolio or a book-entry account] with Nordea Bank Abp. The association’s account [IBAN account number] will be used as the settlement account. 

[Name, personal identity number] was authorised to sign all documents related to the opening of the service and to provide Nordea with the customer due diligence information on the association. 

The board decide to open trading services in Nordea Business to enable Nordea Business users to submit orders for buying or selling shares independently with the book-entry account (book-entry account no) as well as fund orders. [Name, personal identity number] is authorised to open trading services in Nordea Business. 

The board decided to authorise [name, personal identity number] 

• to conclude an agreement on investment services 

• [to conclude an agreement on investment advisory services and to provide the bank with information within the scope of its customer due diligence obligations for the purpose of drafting an investment plan] 

Buying/selling individual shares/fund units 

A decision was made to buy/sell the following shares with the book-entry account of the association [book-entry account number]: [Name of share], [value/number], [ISIN code] at the set limit price X [lowest sale price/highest buy price]. [Name, personal identity number] was authorised to submit orders for buying or selling shares to the bank. 

A decision was made to buy/sell fund units in [name of the fund] with [amount] euros. [Name, personal identity number] was authorised to submit orders for buying or selling fund units to the bank. 

[Name, personal identity number] was authorised to provide Nordea with the customer due diligence information on the association. 

Entering into a capital redemption contract and adopting an investment plan 

The board decided to conclude a Nordea Capital Corporate contract with Nordea Life Assurance Finland Ltd and to invest funds through the capital redemption contract as follows: 

• Amount and investment instrument(s): 

The board decided to authorise [name, personal identity number] to sign the above-mentioned capital redemption contract and all other documents required to make the investments stated above. 

In Nordea Business the users can view the details of the capital redemption contract under Insurance. 

Opening a Time Deposit Account and confirming a deposit 

A decision was made to open a Time Deposit Account and deposit X euros into the account for a period of X. The association’s account [IBAN account number] will be used as the settlement account linked to the Time Deposit Account. 

• The board decided to authorise [name, personal identity number] to conclude an agreement on the opening of a Time Deposit Account with Nordea Bank Abp and to sign all documents related to the opening of the service. 

Opening and adopting the e-Markets service 

The board decided to open the e-Markets service with Nordea Bank Abp: 

• The board decided to authorise [name, personal identity number] to conclude an agreement on the opening of the e-Markets service with Nordea Bank Abp, to sign all documents related to the service and to serve as the Administrator of the e-Markets service. The Administrator will sign the general agreement on Time Deposits. 

Terminating an account and services

A decision was made to terminate the association’s account(s) [IBAN account number(s)] and all the services linked to the account(s) in Nordea Bank Abp. [Name, personal identity number] was authorised to terminate the account and the services and to transfer the funds in the account to the account [name and IBAN account number of the recipient].

A decision was made to terminate the association’s book-entry account [book-entry account number] and fund portfolio. [Name, personal identity number] was authorised to terminate the above-mentioned services. The shares and fund units held by the association have been sold. 

Termination of customer relationship is subject to a fee set in our tariff.