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    • 20171203
    • By 20171203 3rd Dec 17, 9:58 PM
    • 2Posts
    • 0Thanks
    20171203
    Club/Society Bank Account
    • #1
    • 3rd Dec 17, 9:58 PM
    Club/Society Bank Account 3rd Dec 17 at 9:58 PM
    Hello,

    I’m the treasurer of a recently-formed, very informal cricket club. In the past, we’ve passed cash around to pay for practice facilities and pitch hire, but now we’ve decided to get a bank account. I’ve had a look at some accounts marketed for clubs and been into some high street branches, but I’m ending up with more questions than answers. In short, we need free deposits and withdrawals, the ability to transfer money online and capacity for maybe three signatories (so our Chair can be on it and I can pass the account on to the next treasurer).

    I’ve found out so far that:
    • The Lloyds account is fine but it’s only two signatories, while we might need more (not sure).
    • My local Santander branch doesn’t have a ‘Business Relationship Manager’ who deals with these kind of accounts. I don’t know whether I’ll need to see and talk to anyone, but it sounds useful.
    • The guy I spoke to in my local TSB branch told me they don’t even allow people to open or manage accounts in branch, and it was all done online - not a good sign I thought.
    • There are varying levels of eligibility requirements. While Santander don’t seem to ask for anything, TSB (in their online application) want to know about turnover and trading premises! Before I choose a bank, does anyone know if ‘don’t know’ is an acceptable answer here?

    Can anyone provide guidance or draw from experience on any of these issues please?

    I’d also like to know if opening/being a signatory to an account like this means I lose ‘new customer’ status. I assume this is something I should keep when looking out for deals and such. Should I be wary?

    Thanks,
    20171203

    P.S. Sorry for the suspiciously anonymous username - I wanted to get this posted and couldn’t think of a better username quickly!
Page 1
    • YorkshireBoy
    • By YorkshireBoy 3rd Dec 17, 10:08 PM
    • 29,609 Posts
    • 17,459 Thanks
    YorkshireBoy
    • #2
    • 3rd Dec 17, 10:08 PM
    • #2
    • 3rd Dec 17, 10:08 PM
    Someone else asked about multiple signatories on a current account recently as was pointed towards Co-op's Cashminder account. Maybe take a look at their website?
    • jonesMUFCforever
    • By jonesMUFCforever 3rd Dec 17, 11:39 PM
    • 24,251 Posts
    • 11,536 Thanks
    jonesMUFCforever
    • #3
    • 3rd Dec 17, 11:39 PM
    • #3
    • 3rd Dec 17, 11:39 PM
    You can have more than 2 signatures on a Lloyds account or did you mean you want a minimum of 3 people to sign everything?
    If you want to open one it can be done online or with a freephone number (not in branch).
    What goes around - comes around
    give lots and you will always receive lots
    • claire07
    • By claire07 4th Dec 17, 5:07 AM
    • 494 Posts
    • 145 Thanks
    claire07
    • #4
    • 4th Dec 17, 5:07 AM
    • #4
    • 4th Dec 17, 5:07 AM
    I'm treasurer for a small club and I have found the Lloyds account fine. There are a minimum of 2 signatories but you can add more if needed.


    I don't know about your possible new customer status as I was already an existing Lloyds customer.
    • spenderdave
    • By spenderdave 4th Dec 17, 7:12 AM
    • 416 Posts
    • 237 Thanks
    spenderdave
    • #5
    • 4th Dec 17, 7:12 AM
    • #5
    • 4th Dec 17, 7:12 AM
    Also look at HSBC Community account which I have used for many years. With this and most other banks you can have as many registered signatories as you want but normally only two signatures are required on cheques.
    One consideration if you intend to do online payments is that very few banks have the facility to make payments online for multi signatory accounts- which is why cheques are still very much used.
    • Robin9
    • By Robin9 4th Dec 17, 10:44 AM
    • 1,946 Posts
    • 1,260 Thanks
    Robin9
    • #6
    • 4th Dec 17, 10:44 AM
    • #6
    • 4th Dec 17, 10:44 AM
    One consideration if you intend to do online payments is that very few banks have the facility to make payments online for multi signatory accounts- which is why cheques are still very much used.
    Originally posted by spenderdave
    Barclays have a online system for two authorised people - one enters the raw data, the second approves it.

    You could also use a card reader - like iZettle - to take the subs and pay direct to your account
    Never pay on an estimated bill
    • Heng Leng
    • By Heng Leng 4th Dec 17, 4:32 PM
    • 4,270 Posts
    • 1,311 Thanks
    Heng Leng
    • #7
    • 4th Dec 17, 4:32 PM
    • #7
    • 4th Dec 17, 4:32 PM
    BOS offer a Treasurers Account - as it's cricket, I'm guessing you aren't in Scotland but it's this type of account you need rather than a personal or standard business account.
    • eskbanker
    • By eskbanker 4th Dec 17, 7:43 PM
    • 5,889 Posts
    • 5,847 Thanks
    eskbanker
    • #8
    • 4th Dec 17, 7:43 PM
    • #8
    • 4th Dec 17, 7:43 PM
    as it's cricket, I'm guessing you aren't in Scotland
    Originally posted by Heng Leng
    Steady on - cricket has been played in Scotland since 1785 and there are over 150 clubs affiliated to Cricket Scotland, with probably the same again constituted on a less formal basis, as with OP's. A national side that's played in World Cups and a longstanding national league structure for the clubs, need I go on....?!

    https://en.wikipedia.org/wiki/Cricket_Scotland
    http://www.cricketscotland.com/about-landing/
    • 20171203
    • By 20171203 4th Dec 17, 10:10 PM
    • 2 Posts
    • 0 Thanks
    20171203
    • #9
    • 4th Dec 17, 10:10 PM
    • #9
    • 4th Dec 17, 10:10 PM
    Thank you all very much for the replies.

    Someone else asked about multiple signatories on a current account recently as was pointed towards Co-op's Cashminder account. Maybe take a look at their website?
    Originally posted by YorkshireBoy
    Have had a look - not much information at all on the website. But from what there is, it doesn't look like there's any Online Banking facility at all.

    You can have more than 2 signatures on a Lloyds account or did you mean you want a minimum of 3 people to sign everything?
    If you want to open one it can be done online or with a freephone number (not in branch).
    Originally posted by jonesMUFCforever
    I'm treasurer for a small club and I have found the Lloyds account fine. There are a minimum of 2 signatories but you can add more if needed.

    I don't know about your possible new customer status as I was already an existing Lloyds customer.
    Originally posted by claire07
    I concede I've jumped into this without settling what 'signatory' means. I'm looking for the ability for more than one person to be able to make a transaction, individually. I don't want a checking mechanism that means more than one person has to collectively approve transactions. Which definition is being used by the banks whose accounts I've been looking at?

    Using my desired definition of signatories, I'd like three ideally - this would be me (treasurer), our Chair and an extra space for when either of these roles changes. The Lloyds account says you can "Arrange to have a second signatory on the account". Have I read this wrong?

    Also look at HSBC Community account which I have used for many years. With this and most other banks you can have as many registered signatories as you want but normally only two signatures are required on cheques.
    One consideration if you intend to do online payments is that very few banks have the facility to make payments online for multi signatory accounts- which is why cheques are still very much used.
    Originally posted by spenderdave
    Barclays have a online system for two authorised people - one enters the raw data, the second approves it.

    You could also use a card reader - like iZettle - to take the subs and pay direct to your account
    Originally posted by Robin9
    Thanks for this both - being able to make online transactions is essential for us. Cheques are, practically, not an option. So when the accounts I've looked at say they have Online Banking, does this just mean the ability to view the balance...and what else?!

    BOS offer a Treasurers Account - as it's cricket, I'm guessing you aren't in Scotland but it's this type of account you need rather than a personal or standard business account.
    Originally posted by Heng Leng
    I am in England (sorry eskbanker!), but Natwest appear to have an equivalent (being part of the same group). During my quick look at it I was put off by the indication from the application of what proof was needed, including a trading premises. We don't have one!
    • jonesMUFCforever
    • By jonesMUFCforever 4th Dec 17, 11:15 PM
    • 24,251 Posts
    • 11,536 Thanks
    jonesMUFCforever
    Lloyds - you can have 3 authorised to sign on the account - but for this type of account it would be prudent for a second signatory to sign for transactions over a certain amount.
    You don't want to receive a statement one day to find out a member has done a runner with all the money!
    What goes around - comes around
    give lots and you will always receive lots
    • Gizmo70
    • By Gizmo70 5th Dec 17, 3:11 AM
    • 51 Posts
    • 25 Thanks
    Gizmo70
    Don't most Club / Society accounts require a copy of the constitution (or equivalent) and confirmation from the club's committee (on headed paper) providing authorisation?
    • Eco Miser
    • By Eco Miser 5th Dec 17, 7:11 PM
    • 3,222 Posts
    • 2,983 Thanks
    Eco Miser
    TI concede I've jumped into this without settling what 'signatory' means. I'm looking for the ability for more than one person to be able to make a transaction, individually. I don't want a checking mechanism that means more than one person has to collectively approve transactions. Which definition is being used by the banks whose accounts I've been looking at?
    Originally posted by 20171203
    A signatory is a person authorised to sign cheques (and do equivalent electronic stuff).
    Three signatories is usual for clubs ( Chair, Treasurer and Secretary), with two to sign any particular instrument.
    One to sign may be available. This carries the risk of one day finding a massive overdraft and one signatory missing.
    Using my desired definition of signatories, I'd like three ideally - this would be me (treasurer), our Chair and an extra space for when either of these roles changes.
    Originally posted by 20171203
    You don't need this. When the role changes the new person becomes a signatory, the old one is removed (when you get round to telling the bank and filling in the new form).

    Yorkshire Bank offer club accounts on similar terms to personal accounts. Online access is a bit dodgy as the authorised person gets full access, bypassing any two to sign requirement. However this may be what you want.
    Eco Miser
    Saving money for well over half a century
    • Anthorn
    • By Anthorn 5th Dec 17, 7:24 PM
    • 3,263 Posts
    • 838 Thanks
    Anthorn
    have a look at Co-op Bank Community Directplus, similar to a free personal account but for organisations:
    http://www.co-operativebank.co.uk/business/community/community-directplus

    I think a cricket club should qualify.

    As previously hinted at by other posters the number of signatories depends on the parameters of the account. Usually the treasurer is one signatory while the other is likely to be the chairman. The more signatories you have the slower action could become.
    • Robin9
    • By Robin9 5th Dec 17, 8:50 PM
    • 1,946 Posts
    • 1,260 Thanks
    Robin9
    So when the accounts I've looked at say they have Online Banking, does this just mean the ability to view the balance...and what else?!


    Originally posted by 20171203
    These accounts have all the facilities that you have in the domestic market.

    Don't go down the line of single signatures / authorisations - you are letting yourself open to all sorts of accusations. You may be honest but what of your successors ?

    If you haven't got a constitution sort one out before the next ball is bowled.
    Never pay on an estimated bill
    • Heng Leng
    • By Heng Leng 6th Dec 17, 2:21 AM
    • 4,270 Posts
    • 1,311 Thanks
    Heng Leng
    Steady on - cricket has been played in Scotland since 1785 and there are over 150 clubs affiliated to Cricket Scotland, with probably the same again constituted on a less formal basis, as with OP's. A national side that's played in World Cups and a longstanding national league structure for the clubs, need I go on....?!

    https://en.wikipedia.org/wiki/Cricket_Scotland
    http://www.cricketscotland.com/about-landing/
    Originally posted by eskbanker
    Calm down dear...
    Cricket is definitely much more a 'South of the Border' predilection.
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