Does being a signatory on a business account affect anything?

Feanor

Hi everyone

I have been elected treasurer for my sports club, for which I will need to become a signatory on the business account.
Does anyone know if this will effect my personal finances, or will I be linked in any way to the other 3 signatories?

Thanks alot

chambta

There should be no impact at all.

ChiefGrasscutter

Agreed - should be no impact.
I've been a Treasurer and therefore an authorised signatory on two local societies for many years.
No record of this appears on my credit record.

When you fill in all the forms to add you to the authorised sig's list they will probably want to do an ID check on you - and it helps to reduce the paperwork if by pure coindicence you already have a personal account at the same bank as the society banks with.