NSW How to open a bank account for a self-managed Owners Corporation?

Hi all,

I've just had a strata meeting and the owners have elected to self manage our strata it is a duplex with a community title strata. I was told by the current strata manager to open a bank account with Macquarie bank so we can transfer sinking funds etc to it.
But upon calling Macquarie bank they advised they only do it for businesses and advised they couldn't help me.

I have looked up Suncorp and CBA they also do trust accounts, what is the best bank to go with interms banking and does it need to be set up in a trust account ?

What sort of paperwork does the bank require when i go to open an account ?

 

Unless you're a solicitor or a real estate licensee (or a few other special classes) you won't be able to open a trust account - open a joint bank account with the other party and all required to approve EFT/withdrawals.

If it's an account for the OC, then it may have an ABN which may suffice.

 

It’s for owners Corp it has its own ABN this would allow me to open a trust ?
Of a joint bank account wouldn’t this cause issues if the owner wants to sell

 

No only agents, strata managers & solicitors can open a trust account.

You will need to minimise any funds in the joint account & only have funds there when there are expenses to be paid eg insurance & raise special levy for any major expense.

 

If you are seeking to self manage and thats the first problem you encountered - what have you learned ?