Non-profit making Sports Club - banking

Colinmh23

Hello all

I have taken over the volunteer management of a non-profit making Sports Club and am looking at the charges Barclays make for paying in cash at our local branch. We pay in around £3000-£4000 in cash per week and together with the cheques, this costs us nearly £1800 in charges per year.

Does anyone know of any bank that does not charge such ridiculous amounts? We have charitable status and cannot afford such a percentage off our income.

Any tips or suggestions welcome!

Colin

apcorbett

Colinmh23 wrote: »

Hello all

I have taken over the volunteer management of a non-profit making Sports Club and am looking at the charges Barclays make for paying in cash at our local branch. We pay in around £3000-£4000 in cash per week and together with the cheques, this costs us nearly £1800 in charges per year.

Does anyone know of any bank that does not charge such ridiculous amounts? We have charitable status and cannot afford such a percentage off our income.

Any tips or suggestions welcome!

Colin

NatWest don't charge anything for Community Accounts, and HSBC don't make any charges on an account I look after there either

Colinmh23

Andy

Thanks for those suggestions.

However, our turnover is above £100,000 per year so we would still get clobbered by the 'Business Tariff' and charged for paying in cash & cheques.

It seems such a rip-off to be penalised for having a successful, not-for-profit charitable sports club!

If anyone has any other suggestions please let me know.

Colin

Savvy_Sue

Welcome to the boards.

I always say that if you're paying in cash at regular intervals, your priorities need to include a convenient place to do it. For that reason I always used to use Alliance and Leicester, because I could pay in at the Post Office, which was closer than any bank. They don't exist any more, but there really is no substitute for contacting each of the convenient branches, dangling your club's wealth in front of them, and asking for their best offer.

somethingcorporate

What is the current charging structure? is it a % of money paid in or number of transactions? Both can obviously be limited to a certain extent but depending on how you are charged depends on how you need to act in order to minimise your charges.

bris

Post Office account.

paulwf

Work on reducing the amount of money going into then out of the bank as generally you pay both to pay money into then draw it out of the bank. A good example is wages, if you pay in cash (through the books still of course) that saves 2 lots of fees. Most catering suppliers will let you pay cash on delivery, see what other suppliers will take cash too. Get to know the charging structure from your bank inside out so you can work out to to reduce it.

Your banking fee appears to be 1.8% which isn't bad, even charities have considerable admin overheads, it is just one of those things. It is also quite time consuming for banks to take in cash, I bank daily and can see why it costs more than doing simple online transactions.

Savvy_Sue

Another suggestion is to open a second bank account, to keep yourselves under the limit. Maybe one convenient for cash, then the other could be online. Needs careful monitoring, but can be done!