I've become part of the board for my condo association. The board want to open an account for the association at a bank. However, I had a credit card with that bank. They are trying to collect from me. I checked my credit report and it says account closed at credit grantor's
request. The board would like me on the account they open with that bank.
You should pose this question the manager of the bank and get definitive guidance as to whether your personal entanglements with the bank will affect any status as you as an authorized signatory as a member of the Board on that account. It appears that these would be separate and distinct involvements, but notwithstanding the bank can determine that there is an overlap and disallow for the such a course of action to occur given your status. Again, present the facts to the branch manager and you should be provided with the definitive response you are looking for. Good luck.
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I agree with the others and add that if you are on the board you have a fiduciary obligation to be transparent, and so you need to protect the Association - but as long as you are acting in a representative capacity the bank should not have a right to attack the situation because it is not your money - it's the Association's. But is this the only bank? Why even bother unless it's a real problem switching accounts. And if you're asking on AVVO, maybe you should be directing your question to the Board's attorneys, and if they don't have any, it may be a good time to hire one.
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