banking advice for new treasurer

j_c_nn

I have been asked to be the treasurer for my 8 year old son's football team and need to open an account to keep everything tidy. It must be a cheque account so we can write cheques for new equipment etc (2 signatories are required, according to club guidelines) but it would be great if we could also earn a little interest on registration fees and subs accrued - any pointers?

Mark7799

From my experience of being a football treasurer, I 'd be surprised if you were able to generate any significant balances to earn more than a few pennies of interest but can I offer the following suggestions

1. To pick an institution where you aren't going to get the third degree if you're paying in notes and coins regularly.
2. To have three signatories to the account and a mandate allowing any 2 from 3 to sign (but see point 4)
3. To find an institution that offers a savings account with instant access and open that to run alongside your current account (at the same bank so that you can get transfers done instantly on the phone)
4. You will need to make amendments to the mandate manually (it can be done - I've done it myself) so that they will accept transfers between accounts purely on your authority. This will allow you to move surplus money from current account to savings accounts to earn interest and back to meet cheques.

Good luck

Wyndham

Several banks run account specifically for things like clubs. I think they are called 'treasurers accounts' but that may be wrong. However, pick a bank you like (!?) and go and ask them. They will advise on things like interest rates, but I know from doing this years ago that it wasn't much

oldwiring

This is going a bit OT but it is advisable for your and your fellows' protection for all takings to be counted and recorded under dual control and signed for before handing to you for banking/ safekeeping.

Mikeyorks

Wyndham wrote:

I think they are called 'treasurers accounts'

They are ..... example here .... with a bundled savings account linked in :-

http://www.bankofscotlandbusiness.co.uk/currentaccounts/treasurers_account.asp

Colleague of mine ran a youngsters football team. I couldn't understand it .. as it seemed a bit out of character. Until I discovered the young mums used to pull their jumper over their head and run round ... each time their little horror scored! Then I understood!:rolleyes:

Should be a potential fundraiser if your mum's have exhibitionist tendencies? Charge the males to watch .. and you can guarantee they'll have their (neighbours) kids to every practice session in an effort to improve the scoring!