Cash In and Cash Out

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CardiffDiningOut
CardiffDiningOut Posts: 2 Newbie
edited 19 April 2015 at 8:30AM in Budgeting & bank accounts
Hi
I run a dining club and from time to time we either take deposits or want to buy vouchers for everyone.

I am very wary of giving out my bank details as I don't know all the members personally so I'm looking for an account that money can be paid in and I can withdraw it. I don't want someone to be able to set up a standing order with the details.

I can't find an account like this, even basic accounts allow for standing orders to be set up. As this is a community rather than a business - we don't make any money from it - I don't really want to have to pay for it and I want it to be accessible for anyone to pay in from their own bank account or pay in cash.

Does anyone have any ideas please?

Thanks
Cerian
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  • PeacefulWaters
    PeacefulWaters Posts: 8,495 Forumite
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    Savings account.
  • CLAPTON
    CLAPTON Posts: 41,865 Forumite
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    CardiffDiningOut wrote: »
    Hi
    I run a dining club and from time to time we either take deposits or want to buy vouchers for everyone.

    I am very wary of giving out my bank details as I don't know all the members personally so I'm looking for an account that money can be paid in and I can withdraw it. I don't want someone to be able to set up a standing order with the details.

    I can't find an account like this, even basic accounts allow for standing orders to be set up.

    Does anyone have any ideas please?

    Thanks
    Cerian


    what bank details are you talking about
    those shown on your bank card or cheque book?
  • Jsscmm
    Jsscmm Posts: 147 Forumite
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    I wouldn't worry too much about sort code and account number... They are printed on every check you write!

    If you do want a layer of abstraction though, you could use the paym service, where people pay into a current account via mobile or online banking with just your mobile number as a reference. Most of the larger banks support it... See yours to see if they do.
  • CardiffDiningOut
    CardiffDiningOut Posts: 2 Newbie
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    the sort code and bank account number
  • bsms1147
    bsms1147 Posts: 2,261 Forumite
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    What I am assuming is that you are the only one who can 'access;' this account, but that you are giving the account details (sort code and account number) to people. Can someone set up a standing order with just those details? They would be able to set up a direct debit (which you could easily stop or reverse if one was added), but I didn't think they could set up a standing order.
  • anoncol
    anoncol Posts: 982 Forumite
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    CardiffDiningOut wrote: »
    the sort code and bank account number

    Why are you worried about giving that out?
  • CLAPTON
    CLAPTON Posts: 41,865 Forumite
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    CardiffDiningOut wrote: »
    the sort code and bank account number

    every time you use your debit card you give away your sort code and account number

    how many times have people set up a standing order from your current a/c using this info?
  • 10pence
    10pence Posts: 348 Forumite
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    Open a community account - this is a free business bank account - at least it is with HSBC.

    http://www.business.hsbc.co.uk/1/2/business-banking/business-bank-accounts/community-account
  • SuperHan
    SuperHan Posts: 2,269 Forumite
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    You mean direct debit, not standing order.

    While almost all accounts allow standing orders, there will be some that don't allow direct debits - if you use the correct terminology in your research you may get further.

    However, you are covered by the direct debit guarantee if there are any fraudulent DD's set up on the account - you only have to ring the bank for them to immediately refund any DDs or related charges, so the risk of giving the details out are minimal.
  • colsten
    colsten Posts: 17,597 Forumite
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    edited 19 April 2015 at 5:47PM
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    Worth mentioning too that not everybody can use Direct Debits to collect payments. Only organisations that have been vetted can, and the DD guarantee SuperHan mentioned applies to all of them

    Unlikely that any members of a dining club will be able to use DDs against other people's accounts.

    The risk of losing money by DD is next to nil. Only reason you would is if a fraudster who can easily be identified would take money and you didn't monitor your account and wouldn't notice and you wouldn't use the DD guarantee. How likely is all this?

    EDIT: Are you sure it is safe to eat with people who you think might defraud you? What if they poison your food and/or drink? There's no Food Poisoning Guarantee you could use in your favour. Ask Alexander Litvinenko. Oops, you can't.
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