Bank account limit

ahinds

Hi All,
I dont know if anyone can help me but I'm after a bit of information I belong to a small metal detecting club and at our recent agm a member said we were not allowed by law to hold more than £2,200 in our bank account and should therefore give a substantial amount to local charities to comply,Does anyone know where I can find information to either prove or disprove this.
Thanks alan

Savvy_Sue

ahinds wrote: »

Hi All,
I dont know if anyone can help me but I'm after a bit of information I belong to a small metal detecting club and at our recent agm a member said we were not allowed by law to hold more than £2,200 in our bank account and should therefore give a substantial amount to local charities to comply,Does anyone know where I can find information to either prove or disprove this.
Thanks alan

I'd have thought if there was such a law that the banks would have said something about it before now. Personally I'd ask the member concerned to point you to the relevant legislation.

£2,200 seems a) an unfeasibly small amount and b) an odd figure. You might easily need to spend more than that, eg when my walking group goes on a weekend away, they'll be paying that amount or more to the centre where we're staying. True, individuals will be paying that to the Club first, but the money's got to go through the Club account.

However, it might be sensible if the Club developed a 'reserves' policy. If you're getting richer and richer by the year, then is it time for subs to be lowered? Or if you have any equipment, should you be replacing it more frequently?

If you google Volunteer plus your area / town, you should find your local voluntary services council (it may have a different name), and they may be able to help with this, either through leaflets or downloads or training.

Biggles

ahinds wrote: »

I dont know if anyone can help me but I'm after a bit of information I belong to a small metal detecting club and at our recent agm a member said we were not allowed by law to hold more than £2,200 in our bank account and should therefore give a substantial amount to local charities to comply

Total nonsense. I bet he had a charity in mind??

Many clubs build up quite large reserves, for one reason or another. To suggest it's limited to £2,200 (exactly?) is ludicrous.

There is no such law, therefore it isn't possible to point you at any information to disprove it!

Best to ignore him completely; otherwise, as Savvy Sue says, the onus is on him to produce evidence. He won't be able to.