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Accounts and other banking services for registered associations

Opening a bank account for a registered association’s financial transactions is a smart choice. We listed everything you need to know about your association’s banking transactions.

What is a registered association?

A registered association is a group that consists of natural persons or legal persons and is registered in the Finnish Register of Associations. The Register is maintained by the Finnish Patent and Registration Office (PRH). 

  • The Register contains information such as the association’s rules and signatories: in other words, the persons who can sign and act on behalf of the association (one or several executive committee members, for example). 
  • All registered associations are issued a Finnish business ID.
  • A registered association is an independent legal person that can own property and assume liabilities.

Who can open an account for an association and how?

A signatory of the association may open a bank account for the association at the nearest OP cooperative bank branch. To open an account, we need the following information:

  • minutes of the executive committee meeting on the purchase of new services,
  • the charter of association,
  • the person receiving access rights to the account (name and personal identity code).

The minutes of the executive committee meeting must be signed by the chair of the meeting and by two reviewers.

How can I add or remove access rights?

A signatory of the association can add or remove a person’s access rights by messaging us on op.fi or by calling our telephone service. Please let us know the following information:

  • number of the account whose access rights you wish to change,
  • the name and personal identity code of the person to be added or removed,
  • whether the person should receive rights to obtain information or extensive access rights (extensive access rights allow the person to make payments) and
  • the email address to which the electronic signature notification is sent.

Starting from the day the person’s access rights are added, they can view the account’s details according to the scope of their access rights.

If the person receiving the access rights is not yet OP’s customer, the person must verify their identity at an OP cooperative bank branch before the access rights can be added. Alternatively, the person can order a Corporate eServices user ID on op.fi, at which point their identity is verified. This way, visiting a bank branch is not necessary.

What user identifiers do I need for my association’s banking services?

You can handle the association’s banking transactions using either your personal OP user ID or your Corporate eServices user ID. 

  • With your personal OP user ID, you can take care of both your personal and your association’s banking and insurance transactions. Select the customer role after logging in.
  • Depending on your access rights, you can also handle the association’s banking services with your personal Corporate eServices user ID. You can order a Corporate eServices user ID online or by visiting an OP cooperative bank branch. 

What do I need to do after changes in the association’s executive committee?

We have a statutory obligation to know our customers. As the bank, we need to have up-to-date information on members of the association’s executive committee. 

The association’s signatories and online service administrator can update the association’s information by logging into the OP website and selecting Asiakkuus (Customer) > Tuntemistiedot (KYC information). Any changes must also be updated in the Register of Associations.

When does the bank need to review the minutes before approving a change? 

We can process orders received by online message or phone directly if we are able to electronically identify the association’s representative. We check that the person is authorised to sign for the association from an extract of the Register of Associations. If you send us the minutes of a meeting on your own initiative, the minutes must be signed in the proper manner.

Minutes of a meeting are still required when taking out loans and purchasing certain investment products. If the minutes are required, they must be signed in the proper manner and presented in the correct format.

  • The changes to be made must be listed in the minutes.
  • Please note that the minutes do not need to separately specify the addition of access rights or the account number if the association only has one account. Personal identity codes and card spending/withdrawal limits can be messaged to us directly on op.fi and do not need to be listed in the minutes. 
  • The minutes of the executive committee meeting must be signed by the chair of the meeting and by two reviewers.