Registered associations (Ry) and locally operating foundations

Frequently asked questions about the banking of registered associations

1. What should I do when changes are needed for the banking services of an association?

The person authorised to sign for the association can make the changes easily by following the instructions above. Please follow the instructions carefully step by step. After you have delivered the required information and documents, you can make the changes effective by calling Nordea Business Centre, tel 0200 26262 (Mon–Fri 9.00–16.00).

2. What do you mean by specified minutes?

The minutes must specify which banking services are to be opened and for whom. If there is a need to terminate services or delete user authorisations, this must be also specified in the minutes. The minutes must be signed. We recommend that you use this template for the minutes. (docx, 32 KB)Opens new window

3. Why do I need to update customer information?

Just like all other banks, we have a statutory obligation to identify and know our customers. The bank must always have up-to-date information on the association. We need detailed information, for example, on the Executive Committee members (personal identity number, country of residence, nationality and a note whether the person is a politically exposed person (PEP) or not).

4. Why haven’t I received the required login codes for updating customer information as stated above?

If you have not received the login codes within three banking days once you have submitted the documents:

• Please check that the phone number you have given via Omaposti is correct
  
• The user ID will be sent to Omaposti and the login code in an SMS
  
• Our Customer Service may be busy at times

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

To open an account, we will need the following documents:

• An up-to-date extract from the Register of Associations
• The rules of the association
• The minutes of the Annual General Meeting / the minutes on the election of the Executive Committee
  
• List of the Executive Committee members
  
• Specified minutes of meeting of the Executive Committee
  

Please submit the documents via Omaposti here.

A template for the minutes of the Executive Committee is available here. (docx, 32 KB)Opens new window

Once you have delivered the required documents to us, you can easily open an account by calling Nordea Business Centre, tel 0200 26262 (Mon–Fri 9.00–16.00).

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. Please contact us if you need any additional services.

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. Furthermore, an unregistered association may not own property in its name.