Residents' Association

Have a look at our guide to establishing and running a residents' association, as well as the services we offer.

Everything you need to know about residents' associations

Have a look at our guide to establishing and running a residents' association, as well as the services we offer.

Residents' Association Services

Establishing a Residents' association

  • Step 1

    Registering an ID number

    All residents' associations need an ID number. You can go directly to step 2 if you already have an ID number. If you do not have an ID number, then you must apply for one at RSK, see more on the RSK website. (Icelandic)

  • Step 2

    What documentation must be provided?

    The following list gives a comprehensive overview of the documentation you will need to provide.

    See list (Icelandic)

  • Step 3

    Treasurer visits branch

    The Treasurer submits original forms and provides official ID. The Treasurer and Chairman must both provide scanned images of their ID for the Bank's database or provide electronic ID online.

    A homeowner with more than 25% ownership of the property must also provide scanned ID or prove his or her identity with an electronic ID.

  • Step 4

    Online bank account established

    We offer access to an online banking service specifically tailored to the needs of residents and associations. You can perform all the main actions that the treasurer of a residents' association might need.

    A power of attorney must be submitted with the Board's signature and minutes if other members of the board need access to the online bank.

The role of the Treasurer

The role of a Treasurer can vary. 

The Treasurer must, among other things: 

  • Act as a liaison between the bank and the residents of the residents' association, e.g. when to change fees or payers.
  • Pay all invoices and keep track of monthly payments.
  • Keep track of arrears and send a request for further collection with the attached form when necessary. See application here. (Icelandic)
  • Prepare documents for the annual general meeting in collaboration with the Board of the residents' association.
  • Sign statements to realtors regarding the sale of apartments.

General Meeting

Residents' associations must hold a legally convened general meeting (with at least 8 and at most 20 days' notice) once a year. Confirmation of elected members must be provided at these meetings, despite the fact that no changes have been made to the residents' association board. The original must be received by the Bank, with a copy of the signed minutes.

See application

Residents' Association services

Our Residents' Association Service ensures the efficient collection of claims and interest, saving the residents' association both time and added costs. 

  • We create claims and send them to a collection company for further collection at the request of the cashier. 
  • You can see an overview of claims online (online banking). 
  • You can see an income statement at the nearest branch or by sending a request to

 See the Bank's price list for any associated costs