We are independent & ad-supported. We may earn a commission for purchases made through our links.

Advertiser Disclosure

Our website is an independent, advertising-supported platform. We provide our content free of charge to our readers, and to keep it that way, we rely on revenue generated through advertisements and affiliate partnerships. This means that when you click on certain links on our site and make a purchase, we may earn a commission. Learn more.

How We Make Money

We sustain our operations through affiliate commissions and advertising. If you click on an affiliate link and make a purchase, we may receive a commission from the merchant at no additional cost to you. We also display advertisements on our website, which help generate revenue to support our work and keep our content free for readers. Our editorial team operates independently from our advertising and affiliate partnerships to ensure that our content remains unbiased and focused on providing you with the best information and recommendations based on thorough research and honest evaluations. To remain transparent, we’ve provided a list of our current affiliate partners here.

What Is a Corporate Resolution for a Bank Account?

Mary McMahon
Updated May 16, 2024
Our promise to you
SmartCapitalMind is dedicated to creating trustworthy, high-quality content that always prioritizes transparency, integrity, and inclusivity above all else. Our ensure that our content creation and review process includes rigorous fact-checking, evidence-based, and continual updates to ensure accuracy and reliability.

Our Promise to you

Founded in 2002, our company has been a trusted resource for readers seeking informative and engaging content. Our dedication to quality remains unwavering—and will never change. We follow a strict editorial policy, ensuring that our content is authored by highly qualified professionals and edited by subject matter experts. This guarantees that everything we publish is objective, accurate, and trustworthy.

Over the years, we've refined our approach to cover a wide range of topics, providing readers with reliable and practical advice to enhance their knowledge and skills. That's why millions of readers turn to us each year. Join us in celebrating the joy of learning, guided by standards you can trust.

Editorial Standards

At SmartCapitalMind, we are committed to creating content that you can trust. Our editorial process is designed to ensure that every piece of content we publish is accurate, reliable, and informative.

Our team of experienced writers and editors follows a strict set of guidelines to ensure the highest quality content. We conduct thorough research, fact-check all information, and rely on credible sources to back up our claims. Our content is reviewed by subject matter experts to ensure accuracy and clarity.

We believe in transparency and maintain editorial independence from our advertisers. Our team does not receive direct compensation from advertisers, allowing us to create unbiased content that prioritizes your interests.

A corporate resolution for a bank account is a statement listing the names of officers authorized to do business on the corporation's behalf. Corporations need bank accounts to create a separate holding place for money associated with their business, and banks must know who represents the corporation as they do business together. The exact format for this document can depend on the financial institution and the region. Companies unsure about how to proceed can consult a bank or discuss the situation with an attorney.

Some banks have a blank form they ask corporations to fill out. The form typically contains fields for all the necessary information, including the name and address of the company and a statement about when it was incorporated. Any officers authorized to handle the corporation's banking must be listed. Banks can also ask for verifying information, like photos, to attach to the document. This ensures that the bank knows who can authorize activity on the account and can verify the identity of anyone who claims to have authority.

In other cases, it is necessary to draft a corporate resolution for a bank account. An attorney can help with this process, and self-help law books can have examples or templates as well. It is important to use a form appropriate to the region, as laws for handling corporations can vary. A bank officer may be able to assist with this process, as the bank has an interest in making sure the form is filed and complete so it can start doing business with the company.

When corporate officers change, it is important to update the document. This prevents situations where people abuse their credentials to withdraw or transfer funds. It is also possible to put a hold on the account, just as with personal accounts, while members of a corporation resolve a dispute. Keeping money secure during disputes can be important for legal reasons, like a desire to avoid penalties from creditors.

Banks may not require a corporate resolution for an account if the names of the officers are listed in the articles of incorporation or other documents pertaining to the formation of the company. The copy of the articles may be sufficient to meet the needs of the financial institution. A representative can advise members of the company about their options and whether they need a resolution to start banking.

SmartCapitalMind is dedicated to providing accurate and trustworthy information. We carefully select reputable sources and employ a rigorous fact-checking process to maintain the highest standards. To learn more about our commitment to accuracy, read our editorial process.
Mary McMahon
By Mary McMahon

Ever since she began contributing to the site several years ago, Mary has embraced the exciting challenge of being a SmartCapitalMind researcher and writer. Mary has a liberal arts degree from Goddard College and spends her free time reading, cooking, and exploring the great outdoors.

Discussion Comments

By Logicfest — On Mar 22, 2014

In a lot of corporations -- particularly nonprofit ones -- those officers can change on a yearly basis. That means a new resolution has to be drawn up every single year and it can be a hassle.

With the technology now available, the process should be a bit easier. Is there an easier way to handle this than to chase down a bunch of officers and get their signatures on the same document at the first of every year?

Mary McMahon

Mary McMahon

Ever since she began contributing to the site several years ago, Mary has embraced the exciting challenge of being a...

Read more
SmartCapitalMind, in your inbox

Our latest articles, guides, and more, delivered daily.

SmartCapitalMind, in your inbox

Our latest articles, guides, and more, delivered daily.