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As the new treasurer of my local branch, I would like some advice as to which bank other branches use for club funds.
Adrian Kelland
05-01-2006, 09:41
Nat West out of previous convenince. Interest rates are lousy for clubs, so most of them have little to tell between them.
Our constitution requires 2 signatures for all payments so electronic banking is out.
Adrian
John Williams
07-01-2006, 15:17
Our constitution requires 2 signatures for all payments so electronic banking is out.
Adrian
Funny you should say that - so does ours, and it is a requirement of the bank too.
BUT...they let me make payments alone using electronic banking as long as it was to named and referenced bank accounts. So I could make refunds, expenses payments etc.
I think the deal is that untraceable cheques need two signatures...but traceable funds transfers can be managed by one person!
(I should point out that any payments made to me were made by cheque signed by two OTHER people)
This account was with HSBC - a Treasurers account.
(and - yes - the interest was very poor - and the fees quite steep!)
John
Adrian Kelland
07-01-2006, 15:25
Funny you should say that - so does ours, and it is a requirement of the bank too.
BUT...they let me make payments alone using electronic banking as long as it was to named and referenced bank accounts. So I could make refunds, expenses payments etc.
I think the deal is that untraceable cheques need two signatures...but traceable funds transfers can be managed by one person!
(I should point out that any payments made to me were made by cheque signed by two OTHER people)
This account was with HSBC - a Treasurers account.
(and - yes - the interest was very poor - and the fees quite steep!)
John
Interesting John. I am no longer treasurer, but will pass your comments on. Might require a constitution tweak though :(
Adrian
Helen (AKA Hellvet)
07-01-2006, 16:50
we're with Lloyds TSB, and have a current account (treasurer's) and a deposit account - our deal isn't available any longer though. Interest rates are nothing special on either but the convenience of having both accounts in one place, and having available local branches to use (being in the back of beyond!) has made us reluctant to change...
We have joint signatures, and 3 committee members able to sign cheques (chairman, treasurer, secretary). Not investigated the internet single payment issue, but to be honest we've never really had the need, if there's a big payment (boat insurance) then a committee member will stick it on a credit card and get a cheque to cover it. That way its traceable 2 ways anyway!
John Williams
07-01-2006, 16:58
if there's a big payment (boat insurance) then a committee member will stick it on a credit card and get a cheque to cover it. That way its traceable 2 ways anyway!
yes it is...but using personal accounts to fund/administer branch business is frought with risks.
The Inland Revenue might want to know what the payments are for if they ever review your personal finances.
This is the very reason why all branch funds should be kept completely separate from personal funds
John
As the new treasurer of my local branch, I would like some advice as to which bank other branches use for club funds.
dbaffy
Have a read of Section 3.5.3 Bank / Saving Accounts of the Branch Officers' Handbook at http://www.bsac.org/branchmanage/351finances.shtml#bank
Edward
Ian@1904
08-01-2006, 11:55
We use Barclays current and deposit account. We have joint signatures. However for convenience small cheques under £200 can be signed by myself. This is a convenience issue, we are a very small club and obtaining signatures speedily can be an issue. Electronic banking is available, but not used for payments as yet.
I happen to be an accountant, as is the DO, I keep the accounts on a spreadsheet and these are available to club members on request or an annual basis.
Charles Stirling
11-01-2006, 18:54
I'm not a club treasurer but do run a small business that is sensitive to bank charges:-) Alliance and Leicester Commercial bank have free commercial banking which can include clubs. Interest isn't bad if set up both a chequeing and savings accounts. The internet banking is currently dreadful but improvements are promised for Feb. See: www.alliance-leicestercommercialbank.co.uk
No I don't work for them, haven't yet used long enough to point out all the downfalls but it looks promising and free.
Paul Watts
11-01-2006, 19:01
Ex Treasurer; Barclays for both current (Treasurers) and Deposit account. 4 named signaturies of which two are required on any one cheque. Not looked into internet or electronic banking.
Steve Grrr
12-01-2006, 23:31
We still have all the usual current and deposit accounts but there's a niche for taking payments with paypal.
It's probably not that good for collecting membership fees (although some of the repeat billing facilities may be useful) but for small transactions like party tickets it is ideal - you can put a "pay here" logo on an email or web page and sell tickets to people who don't get down the club every week.
It also gives an alternative to taking credit cards, which is an expensive option for most clubs, getting over the perpetual excuse of people not having money on them.
Steve Grrr
www.vsac.org.uk
As the new treasurer of my local branch, I would like some advice as to which bank other branches use for club funds.
I am the treasurer of the East Anglian Branch we use Barclays and have a community account and a savings account I run both of these online, makes life very easy.
I moved my business account to A&L - they have been completely useless, and now have introduced a monthly fee for the 'free' account.
Read the small print carefully!!!!!
Stuffing the cash under a mattress may be a safer way!
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