Q: How can I assume signing authority on my nonprofit's bank accouunt?
I am the newly elected Secretary-Treasurer of a nonprofit organization. Our board passed a resolution authorizing me to have signing authority on our account with Bank of America. When I went into BoA with a copy of the resolution, the banker informed me I needed to be added as an authorized user on the account before they could discuss anything related to the account, including transfer of signing authority. The banker said only a current authorized user can add a new authorized user. Unfortunately, our only currently listed authorized user is no longer affiliated with the organization and cannot be reached.
My question is: (a) does this sound like I've been given correct information (i.e. a board resolution being insufficient by itself to transfer signing authority), (b) how would our organization recover access to our account under these circumstances?
Thank you!
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A:
It sounds like the bank is providing accurate information. Many banks require an existing authorized user to make changes to account signers, even if you have a board resolution.
To move forward, gather all relevant documents, including the board resolution, bylaws, and meeting minutes that authorize your signing authority. Visit a Bank of America branch in person with these documents and explain the situation clearly.
If the current authorized user is unreachable, ask to speak with a branch manager or higher-level representative. They may have procedures in place for such situations, possibly involving notarized documents or additional verification. Persistently working with the bank and providing thorough documentation should help you regain access to your nonprofit’s account.
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