Question 1

Changes to fees

Accepted Answer

New fees or changes to existing fess must be submitted before the 18th of each month, as invoices are created 10 days before the due date.  The name, ID number and apartment number of the 'payer' must be specified as well as the details of the changes to fees/charges. You can also set up the fees in an excel document and send it to us. Our online calculator makes it easier for you to calculate the division of costs. (Icelandic).  You can send any changes to husfelag@islandsbanki.is.  An overview of the division of costs can be found on the Government of Iceland's website. (Icelandic)

Question 2

Changes to the 'payer'

Accepted Answer

You can change the payer under Collection -> Payers. This will then apply from the beginning of the next month as invoices are created 10 days before the due date. If an older invoice has been established in the name of the previous payer, then a new one must be submitted in the name of the new payer by sending a request to husfelag@islandsbanki.is You will need to specify the new payer, cancel the previous payer, and specify the date when the new payer takes over.

Question 3

Changes to the position of Treasurer/ Board

Accepted Answer

Changes to the position of Treasurer/ Board require the following: Hold a legally convened house meeting and keep minutes of the meeting. Keep a signed election ballot paper. A signature to confirm the appointment of elected members is required from every household at the General Meeting if the multi-dwelling residential housing has only six or less than six apartments. However, the majority of owners at a legally convened meeting can provide a signature to confirm the appointment of elected members if there are more than six apartments. An official division of ownership of the property must be provided to establish a residents' association. This information is provided by Registers Iceland.  In addition to the signed election ballot paper, the signed minutes of the meeting  must also be submitted. The Treasurer and Chairman must enter scanned legal ID (driver's license, passport, or identity card) into the bank's system. Any of the Bank’s branches will scan these documents for you if needed. You can also prove your identity here (online) if you have an electronic ID. 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.

Question 4

Collection services

Accepted Answer

The Bank will send any invoices to a collection service at the request of the Treasurer. You can send the request by filling out the application provided here and submitting it to any Íslandsbanki branch or by sending it to husfelag@islandsbanki.is

Question 5

Construction loan

Accepted Answer

Íslandsbanki offers construction loans to residents' associations. Both short-term and long-term loans are available depending on the needs of the residents' association. However, the shorter the repayment period, the lower the total cost of the loan. You can find out more about our loan terms at the nearest Íslandsbanki branch or by sending an inquiry to husfelag@islandsbanki.is. You must provide a loan application statement signed by all residents as well as the minutes of the meeting when the loan was approved. A tender for the construction project must also be provided. Loan application statement (pdf)

Question 6

Direct debit

Accepted Answer

Direct debit payments can be paid out of the residents' association account. Just choose the relevant invoice and click on "Register direct payment". The claim will be paid out automatically on the due date if there is enough credit in the account.

Question 7

Income statement

Accepted Answer

You can access the income statement at any of our branches or by submitting a request to husfelag@islandsbanki.is

Question 8

Online bank

Accepted Answer

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: Pay bills and see overview of bills View Paid and Unpaid Claims under Collection -> Claim overview See Operations under Collection -> Associations. Change Payers under Collection -> Associations.  View the status of the residents' association and payers  Record direct debit claims under Payments -> Direct debits. The Treasurer simply establishes an online bank in the nearest branch. 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.

Residents' Association

Everything you need to know about residents' associations

Residents' Association Services

Establishing a Residents' association

Registering an ID number

What documentation must be provided?

Treasurer visits branch

Online bank account established

The role of the Treasurer

General Meeting

Residents' Association services

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Law on multi-dwelling residential housing (in Icelandic)

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