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Opening Business Account - Liability?

  • 05-08-2014 6:42pm
    #1
    UCDVet
    Closed Accounts Posts: 2,894 ✭✭✭


    Dunno if this is the appropriate place to ask but....I'm involved in a non-profit club and (mostly due to a lack of anyone caring), I've been elected 'Vice President'. A meaningless title if there ever was one.

    The thing is, they're trying to get more serious about the club and they want to open a business account with AIB to hold the club's funds. Fair enough. As one of the named members, I've been asked to put my name on the paperwork to open the account with AIB.

    I'll be leaving the country (and the club) in about 9 months, so I'm particularly worried about any liability I might be exposing myself to by signing to open the account. IE - if someone, three years from now, is using it to funnel drug money from Canada (or something else illegal) - am I liable, in any way? If someone else in the club starts overdrafting the account, will the bank come after me?

    I tried to read the paperwork that was given to me, but it basically says that I'm agreeing to all the terms and conditions in some other packet of paper, that I don't have.

    I don't think anyone here is being malicious or that anything isn't completely on the up and up - I'm just curious.

    Thanks


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