Associations, foundations, cooperatives and common interests

How to make changes to an existing customer relationship

1. Compile the required documents: 

NB: For an entity other than a registered association, a checklist of the required documents is available here.

• Signed minutes of a meeting of the Board of Directors detailing 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.
• Signed minutes of the General Meeting of the association detailing the election of the Board of Directors (minutes recording the election of every member of the Board of Directors must be submitted, so if the entire Board is not elected at the same meeting, minutes of the other election meetings will also be required).
• List of members of the Board of Directors with personal data: full name, citizenship, country of residence, personal ID and PEP details (whether the person or a close family member of theirs is in a politically influential position). Please use our specimen templateOpens new window. 
• By-laws of the association (if not previously submitted to the bank, or if they have been amended since being submitted).
• Please also check that your association’s entry in the Register of Associations is up to date and submit an extract from the Register to the bank if necessary. 
  

2. Send the documents via Omaposti. 

• Choose the subject ‘Registered associations and foundations’. 
• Give the name of the association and your current phone number in the message field. You may also indicate in the message at which times of day you can be contacted.
• If there are any deficiencies in the submitted documents, we will contact you.

Log in to Nordea Omaposti.Opens new window

3. We will contact you to update the customer information.

• You will be called to update your customer information within about two weeks.
  
• Once the customer information has been updated, the changes will be implemented within about a week.

How to open services for a new customer that is an association

1. Compile the required documents

NB: For an entity other than a registered association, a checklist of the required documents is available here.

• Up-to-date extract from the Register of Associations and by-laws 
• Signed minutes of the Annual General Meeting (or Charter of Association) detailing the election of the Board of Directors 
• List of members of the Board of Directors with personal data: full name, citizenship, country of residence, personal ID and PEP details (whether the person or a close family member of theirs is in a politically influential position). Please use our specimen templateOpens new window.
• Itemised and signed minutes of a meeting of the Board of Directors detailing 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 via Nordea Omaposti. 

• Choose the subject ‘Registered associations and foundations’. 
• Give the name of the association and your current phone number in the message field. You may also indicate in the message at which times of day you can be contacted.  
  

Log in to Nordea Omaposti.Opens new window

3. Once you have sent the documents, we will contact you as soon as possible. 

You can preview the contents of the Nordea Digital package here. 

Applying for financing

1. Compile the required documents.

• If changes have been made in your association and your details have not been updated, see ‘Changes to account permissions and services’ to see which documents you need to send so that we can process your financing application.
• An association must send signed minutes of a meeting where the decisions were made to apply for financing and to accept the offer made. A designated person may be authorised in those minutes to handle the financing negotiations and to accept the financing proposal with the bank. The minutes must also record the loan amount being sought and any security to be posted and/or guarantor(s) to be named.  If you are applying for a First Card, you must specify the name of the cardholder and the card limit applied for.
• If the minutes required above are not detailed enough, you must submit separate minutes detailing the acceptance of the loan proposal and the posting of security, if any.
• Business plan and budget statement in case of a new association. Business plan and budget statement templates are available here.
• Financial statements (income statement and balance sheet) or statement of business income from the previous year.
  

2. Fill in the financing application.

• You can apply for financing directly in the Nordea Business online banking serviceOpens new window or, if you do not have access to online banking, fill out the financing application on our website.
• You can apply for a First Card by filling in the form on our website.

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 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.

[Name, personal identity number] was granted the right to receive the user credentials of the Nordea Business online banking service and the right to add the association’s account(s) [IBAN account number(s)] to the Nordea Business online banking service.

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.

Changes to user rights and services

[Name, personal identity number] was granted the right to receive the user credentials of the Nordea Business online banking service and the right to add the association’s account(s) [IBAN account number(s)] to the Nordea Business online banking service. 

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

Where relevant: In addition [name, personal identity number] has the right to [use the new / order a new] Nordea Business Visa Debit card which enables cash withdrawals and credit transfers.

Changes to payment services

It was decided 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 [optional if the person authorised to sign for the company is unable to sign the agreements] digitally in the proxy signing service. 

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.

Choosing an administrator in Nordea Business

Choosing one administrator

The Nordea Business agreement includes a power of attorney for appointing an administrator. According to the power of attorney, the administrator has, 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] was appointed as the administrator.

Choosing several administrators

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

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 the meeting of the association or when the decision item is directly derived from the rules 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 participate in the credit negotiation, 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

As a rule, the board of the association can make decisions on matters related to credit and collateral that are significant in terms of the association’s banking only if it has a separate authorisation by the meeting of the association or when the decision item is directly derived from the rules of the association. 

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 minutes of its board meeting authorising a designated person to agree on savings and investment products and services with 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 and appointing an administrator.

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

The board decided 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 linked to the [name of the service, such as a fund portfolio or a book-entry account].  

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]
• to conclude an agreement on the opening of [name of the service, such as a fund portfolio or a book-entry account] with Nordea Bank Abp and to sign all documents related to the opening of the service.

The board authorised [name, personal identity number] to receive user credentials for the Nordea Business online banking service and to manage the association’s investments and submit orders in Nordea Business.  

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.

• The board granted [name, personal identity number] the right to receive user credentials for the Nordea Business online banking service and the right to manage the association’s investments and submit orders in Nordea Business.  

Opening a Time Deposit Account and confirming a deposit

The board decided to open a Time Deposit Account and deposit X euros into the account for a period of X years/months. 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.
• The board granted [name, personal identity number] the right to receive user credentials for the Nordea Business online banking service and the right to manage the association’s investments and submit orders in Nordea Business.  

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].

The termination of accounts and services is subject to a fee set in our tariff.