All condos now require separate bank accounts, with strict rules on management and access. Neobanks are excluded, and syndics face legal risks if they fail to comply.
Condominiums must have separate bank accounts
Every condominium in the country is required to have a bank account in its own name, as mandated by a 2019 law. This rule applies to all condominiums, regardless of their size, and was introduced after an earlier exception for smaller ones was removed.Syndic's role in managing accounts
The syndic, who manages the condominium, is responsible for opening this account and depositing all funds received on behalf of the condominium without delay. The account must be in the name of the condominium association and cannot be merged or offset with another account.Separate account for the work fund
In addition to the main account, each condominium must also maintain a second bank account specifically for the work fund. This fund is also remunerated, and the syndic selects the bank, though the general meeting of co-owners can choose a different bank by majority vote.Access to financial information
The bank accounts of a condominium can be accessed by the syndic, the syndical council, and co-owners under specific conditions. The syndical council can make copies of documents related to the building’s management, but co-owners must go through the council to review account statements.Online access to accounts
Some syndics provide co-owners with online access to the condominium's accounts. For example, Syndic One offers a customer space where co-owners can view the accounts at any time and submit bills for service providers for payment.Legal restrictions on account providers
A ministerial response from March 2026 confirms that neobanks and payment institutions cannot open a condominium’s bank account, as they are not considered legal banking institutions under the law. The law refers specifically to "banking institutions," "banks," or "bank accounts," excluding payment or electronic currency institutions.Consequences of not opening an account
If a syndic fails to open a separate account within three months of their designation, their mandate is automatically nullified. Co-owners can request a court to confirm this nullity within ten years of the three-month period, and the legal action prescribes after ten years.How to verify account compliance
To ensure the syndic has opened a separate account, co-owners can check the account title on the statements provided to the syndical council. These statements must be in the name of the condominium association, not the syndic’s firm.
