Hey everyone, as board of directors, President of our home owners association here in Florida, do I need to give out my personal social security number to the bank to open or change checking account?? or do I just have to give them my ID or Drivers License. Is anyone on here on any Board of Directors for their home owners association?? Is there any personal liability, credit wise as being President of the Board.
Quick background regarding myself, as I new to this board. I have been an HOA director for many years and president for 2 years and can answer a good many HOA questions. On bank accounts, you can expect to be asked for your s.s.n. , driver's license. One of the directors, usually the president, will have to sign the standard IRS disclosure that "not subject to backup disclosure" You should expect Chexsystems to be checked and a high probability of a soft - a hard is not likely - of one of the 3 credit reports. There is not a direct personal credit liability, however I have had a nuisance lawsuit filed against me personally claiming breach of fiduciary duty. Word to the wise, check your insurance coverage before you actually need to use it. It's a VERY GOOD IDEA to use dual signature accounts.
