How do I open a bank account for an association?

Setting up the association: the essential step

Before thinking about opening an account for your association, it must first be officially recognized.

Setting up an association in France is fairly straightforward, and can be done by founding members aged 16 and over. 10 key points to remember

The first step is to draw up your association's "articles of association ". This is the contract defining the operation and characteristics of the association. This includes, for example, the association's mission, the constitution of the executive committee, membership procedures, the conditions for renewal of the executive committee and everything else that characterizes the association.

The second step is to declare the association, either by post to the prefecture or online. This formality provides an official receipt and triggers publication of the creation in the Journal Officiel.

Why open a bank account?

Legally, you are under no obligation to open a bank account, unless you wish to apply for subsidies. Technically, if the association's activity is modest, it is possible to carry out all transactions in cash. However, a bank account remains the most practical solution.

Opening a dedicated bank account in the name of the association allows you to :

• more secure means of payment than cash (checkbook, credit card or online payment)
• accept different payment methods for membership fees (cheques, bank transfers, or even set up an online payment system)
• better tracking of transactions

Procedure for opening a bank account for your association

Who can open a bank account in the association's name?

The opening of a bank account for an association must be decided by the Board of Directors or the Executive Committee. The managing members can decide jointly which bank to open the association's bank account with, or leave it to the person in charge of the task, usually the president or treasurer.

If several people are authorized to carry out transactions on the association's bank account, it is important to specify whether they must act together, or whether they may do so separately. All this information should be included in the minutes of the meeting, which will be given to the banker when the association's bank account is opened.

Supporting documents to be provided by your association

To open an association bank account, the following documents must be presented to the bank:

• an up-to-date copy of the Articles of Association, certified by the Chairman 
• an extract from theannouncement published in the Journal Officiel when the association was set up
• the resolution of the Annual General Meeting (and possibly the Board of Directors) appointing the members of the Board of Directors and the Executive Committee. Their term of office must be specified.
• the minutes appointing the person(s) authorized to operate the association's bank account
• proof of head office address: electricity, gas or water bill less than 6 months old, landline telephone or Internet subscription bill less than 3 months old, notarized commercial lease, domiciliation contract, last property tax notice.
• a photocopy of an identity document for each person authorized to carry out transactions on the association bank account

Once the association's bank account has been opened, the professional bank provides the association's managers with the various means of payment agreed upon, at their request. These are made out in the name of the association, and not in the name of one of the account holders. However, in the event of a problem, the person using the means of payment is liable.

Manage the association's bank account correctly

Best practices

To ensure proper management of the association's bank account and means of payment, it is necessary to take certain precautions:

• avoid cash hoarding. To avoid theft or loss of cash, it must be deposited in the bank regularly and as soon as possible after specific events.
• limit the number of checkbooks in circulation. Some associations use cheques as their sole means of payment. They also tend to multiply the number of checkbooks in circulation within the association, as well as the number of authorized signatures, for the sake of simplicity. However, this not only increases the risk of theft or loss, but also means that checkbooks may never be returned when there is a change of authorised signatories.
• ensure that authorized signatures are kept up to date. Each time the office is renewed, it is essential to add the signatures of incoming managers and remove those of outgoing managers.
• keep an eye on the association's bank account on a regular basis, even if the account is not used on a daily basis. This will enable you to quickly spot any errors, fraud or anomalies.

The advantages of neobanking for managing a bank account for an association

Opening an account for an association in an online pro account such asAnytime can be a relevant solution for managing an association.

First of all, opening an account for an association is quick and easy. There's no need to make an appointment and wait several weeks: the pro account can be opened online, in just a few minutes and at any time. The necessary supporting documents can be sent via the dedicated smartphone application.

Remote management from the application means you can always keep an eye on your association's pro account, especially as the manager is systematically informed of every transaction. In the event of error or abnormal use, he or she can react as quickly as possible.

Although online payment institutions don't offer checkbook services, they do offer a wide range of payment solutions, making money transfers child's play. This makes it easy to replace the checkbook with more modern payment methods. Last but not least, the rates charged by online professional accounts or payment institutions are clear and perfectly transparent for associations. An all-in-one package includes all the services you need for your day-to-day business. Simply choose the package that best suits your association's needs.