Sure for Real Estate

Opening a bank account as a homeowners' association

Written by Zeker voor VvE | Dec 4, 2025 3:11:26 PM

Many homeowners' associations (HOAs) have been facing the same problem for years: opening a bank account often proves to be a frustrating and time-consuming process. But that is finally about to change. Minister Eelco Heinen (Finance) wants HOAs to be able to open a bank account without unnecessary obstacles.  

 

In this blog, you can read why this is so important, what exactly the minister wants to change, and what the impact will be for homeowners' associations if this is delayed or does not go ahead. As Zeker voor VvE, we wholeheartedly support this initiative, even though we are not directly involved in it.  

 

1. Why having their own bank account is so important for homeowners' associations

Having your own bank account is the basis for sound financial management of your homeowners' association.  

It ensures: 

  • Transparency: all members can see where the money is going. 
  • Efficiency: collecting contributions and making payments is faster and more transparent. 
  • Building up reserves: essential for major maintenance and unexpected costs. 
  • Trust: clear separation between HOA funds and board members' private funds. 

 

However, in practice, it often proves difficult to open a bank account. Banks are sometimes reluctant to do so due to strict rules surrounding the Money Laundering and Terrorist Financing (Prevention) Act (Wwft).

2. What will change?

Minister Eelco Heinen (Finance) wants homeowners' associations to be able to open bank accounts more easily and without unnecessary delays.  

 

His proposals: 

Right to a bank account: Homeowners' associations, like other legal entities, must be able to open a bank account. 

Proportional customer due diligence: Banks must tailor their checks to the low risk associated with owners' associations. 

Less rigid procedures: no heavy steps if they are not necessary. 

Agreements with banks: policy and practice must be better aligned. 

 

This could put an end to months of waiting times and frustration for homeowners' associations. 

 

 

3. Where are we now? 

Although the plans have been well received, the change has not yet been implemented everywhere. Some banks are already cooperating, while others are still sticking to their old ways. The minister is monitoring progress and interest groups are continuing to exert pressure. 

 

4. Risks if change does not occur

  • No possibility to build up reserves 
  • No transparent financial administration 
  • New homeowners' associations cannot be established 
  • Greater likelihood of mistrust and conflicts between owners 

 

5. What can you do now? 

Until the new procedure applies everywhere, you can already do the following as a homeowners' association: 

  • Collect all documents (Chamber of Commerce registration, articles of association, appointment minutes, ID boards). 
  • Choose a bank with experience in homeowners' associations. 
  • Refer to the letter to Parliament dated May 14, 2025, as evidence that policy is changing. 
  • Persevere and seek help from an advisor if the process gets stuck. 

 

6. Our vision as Zeker voor VvE 

Every day, we see how important having your own bank account is for a well-functioning homeowners' association. We fully support the minister's initiative. Now it is important that the plans are implemented quickly and in full. 

 

Help from our HOA experts

We advise you on this topic, or are you stuck in the process? Call our HOA experts at 010 – 288 44 73 or send an email to vve@schoutenzekehreid.nl 
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