Advice opening current account for student society

patwa_2

Hello,

I have been asked to set up a bank account for a University society of which I am treasurer. I was wondering how best to go about doing this, and whether there is anything in particular to note when opening one? Do I just open it like any normal account, but in the Society's name, with the University's address, or do I take personal charge of it with my own details e.g address, etc.

Any advice appreciated, I'm a bit lost here. Do I have to open a dedicated business account or is a regular one sufficient?

Thanks.

Hussein.

rb10

Just be careful not to break the T&Cs - most normal accounts will say that they are for Personal Customers Only - i.e. not for organisations.

You will probably need to get what is normally called a "Treasurer's Account".

melancholly

it is probably worth talking to some of the people in your position in other societies at your uni - they will be able to tell you what's good or bad about the accounts that they have. you may find that your students union is able to help with this as well.

Kavanne

My bf is treasurer of his uni's astronomy society. They have a community account with Barclays where he and the president and some of the other committee members are signatories but he has statements sent to his address.

QuirkyChemistry

Hi,

Our account is with Natwest. We just asked for a Clubs and Societies account. It has president and treasurer as signatories. Remember to take along some ID. Just explain what you want an account for and they will find a suitable one (whatever it is called by the bank). A business account will have charges and a personal account won't be suitable. Have statements sent to the uni or your address - wherever they can be checked most easily.

patwa_2

Hi, I went to my local branch today and it's all sorted. I'm waiting for copies of the other signatories' ID and it should be up and running shortly.

Thanks for the replies, it was you mentioning the Treasurer's account that really got me on the right track. The branch asked if I wanted one, and from your posts I knew exactly what they were talking about.

Not going to touch Natwest with a barge pole, I have an ongoing issue with them. They've somehow lost my account (even though it's closed) but can't even find it by name or postcode. Barclays is a maybe, it's too far off the beaten track for viable business.

Thanks again,

H.