Investment Club Bank Account
Comments
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The Metrobank website says :
'Our cost-effective Community Current Account is designed just for clubs, societies and charities. Whether you run the local Saturday football team or a national charity we can help you easily stay on top of your organisation's finances.'
The Treasurer liaised with a manager and no declination occurred. So, 4 of us went in on Friday PM, waited over 40mins to be seen. We then went through all the registration pallava i.e. passports, periods of residence, photographs.... Then, the chap handling our application said he didn't think a share club met the criteria for a community account and said he'd consult the manager who changed stance and so we're back to square one! Around 2hrs wasted for 4 individuals cos a bank moves the goalposts.0 -
After a complaint to Craig Donaldson (CEO) the best Metrobank will offer is a Business Account with the first 6 months fee waived. I.e. £30.
In the meantime I found Timetotrade.com which allows us to pay directly without the need for a bank account. The fees seem quite reasonable. Very cheap broking fees can offset the 1/4ly charge.
Anyone had experience or know anyone who has used them? Scamanalyze gave them a very +ve rating.
Thanks in advance0 -
PotentialEnergy wrote: »With all respect Anthorn, if everyone followed your requirement to join a club i.e. it having a track record, there wouldn't be any clubs as nobody would start one. If there are a group of you with a seasoned track record of investing and knowing the ropes, it is worth being there at the start. If 6 of you put in 2K to begin with, there is plenty of working capital to get a less vulnerable portfolio. If that is difficult to fund, you can buy Investment Trusts to dilute risk a bit at first.
So try it: "Hey, I've started an investment club but I don't have any experience, no bank account and no broker. Give me your money!" ROFL.0 -
PotentialEnergy wrote: »After a complaint to Craig Donaldson (CEO) the best Metrobank will offer is a Business Account with the first 6 months fee waived. I.e. £30.
In the meantime I found Timetotrade.com which allows us to pay directly without the need for a bank account. The fees seem quite reasonable. Very cheap broking fees can offset the 1/4ly charge.
Anyone had experience or know anyone who has used them? Scamanalyze gave them a very +ve rating.
Thanks in advance
In whose's name will be the investments be in if you use them?
What if you get a dividend cheque or rights issues?
How will you collect contributions from members?
IMO you will need a bank account of some sort.0 -
Messr Jones -
I suggest you have a look at this website.
http:// https://www.proshareclubs.co.uk/cgi-bin/proshareclubs/startingaclub/starting.cgi
Constitution/Officers etc. There is a formal framework that you set up just like most clubs wrt Chairan/Treasurer/Secretary all done in the name of a club such as PhoenixOutofash investment club.
Bank/Broker accounts are in the name of the club with designated signatories etc. Assignment/appointment to all these roles is done formally and minuted.0 -
What I want some honest feedback on is :
Timetotrade.com
Anyone had experience or know anyone who has used them?0 -
PotentialEnergy wrote: »Messr Jones -
I suggest you have a look at this website.
http:// https://www.proshareclubs.co.uk/cgi-bin/proshareclubs/startingaclub/starting.cgi
Constitution/Officers etc. There is a formal framework that you set up just like most clubs wrt Chairan/Treasurer/Secretary all done in the name of a club such as PhoenixOutofash investment club.
Bank/Broker accounts are in the name of the club with designated signatories etc. Assignment/appointment to all these roles is done formally and minuted.
So why do you think you are having such trouble opening an account?0 -
Because we want free banking. Banks say they have free accounts for clubs/societies/charities but when we've approached Santander and Metrobank they say an investment club is only eligible for a Business Account with charges for accounts. Metrobanks is £60 per year. Some offer baits of 12-18months free banking before bringing in hefty charges. The Community Account as Metrobank calls it allows 200 transactions per month and £10K cash OTC. Given we're doing so few transactions <100 per annum it seems unfair to exclude us as a club. So, we seek an account offering free banking. As posted earlier, this is what Metrobank says but an investment club is deemed not eligible for the community account which offers free banking even though we do so few transactions! Everything will be done online.
'Our cost-effective Community Current Account is designed just for clubs, societies and charities. Whether you run the local Saturday football team or a national charity we can help you easily stay on top of your organisation's finances.'0 -
PotentialEnergy wrote: »Because we want free banking. Banks say they have free accounts for clubs/societies/charities but when we've approached Santander and Metrobank they say an investment club is only eligible for a Business Account with charges for accounts. Metrobanks is £60 per year. Some offer baits of 12-18months free banking before bringing in hefty charges. The Community Account as Metrobank calls it allows 200 transactions per month and £10K cash OTC. Given we're doing so few transactions <100 per annum it seems unfair to exclude us as a club. So, we seek an account offering free banking. As posted earlier, this is what Metrobank says but an investment club is deemed not eligible for the community account which offers free banking even though we do so few transactions! Everything will be done online.
'Our cost-effective Community Current Account is designed just for clubs, societies and charities. Whether you run the local Saturday football team or a national charity we can help you easily stay on top of your organisation's finances.'
I can see their point - your club is for your members gains not a community thing such as a football team that you quoted.
Also a bit late in the thread to say you wanted free banking - I would have thought you would have put that in the first post.0 -
I can see their point - your club is for your members gains not a community thing such as a football team that you quoted.
Why not put 'non-profit-making'Also a bit late in the thread to say you wanted free banking - I would have thought you would have put that in the first post
For most people who bank, free banking is assumed as a pre-requisite before having the nerve to expect interest.
What I want some honest feedback on is :
Timetotrade.com
Anyone had experience or know anyone who has used them?0
This discussion has been closed.
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