Which bank account for PTA?

lindos90

Not sure if this should be here or in the banking thread, but hope someone can help.

Ive recently found myself a co-opted chair of the newly formed PTA at school. Its a steep learning curve and i feel swamped with all the things im expected to know.

I have a two money related problems:

The old PTA disbanded leaving little information (or it was left at school and lost), parents moved on and were still signatorys to the fundraising account, we dont know were the cheque book or paying in book is. I know the account number, but the bank will not speak to me as im not a signatory, and can not become one unless a current signatory signs a form letting me be one..its a catch 22, we can't get hold of any money in there, its been there for at least 3 years.

Secondly I think we need to look at a new account anyway for security due to missing cheque books, and one with a good interest rate and services. Im hoping to get a full committe soon, adopt the NCPTA constitution, and can then be fast tracked as a charity.

Should we then be looking for a 'club or society' account or a 'charity' account?

Can anyone point me in the right direction where i can find out the best account?

Do these kind of accounts even get interest?


Really hope someone can help!

Horace

I would be inclined to set up a treasurer's account because you are not a charity.

Is there a way of tracing the previous signatories of the old account? Surely, there is a way of the bank acknowledging your position too - try actually visiting the branch because you are more likely to be successful than trying to talk to them on the phone. Take proof of ID, proof that you are now the Chair of the PTA etc.

suehippo

I agree with Horace that it would be easier to try and trace one of the signatories of the previous account or go into the branch and discuss the situation. If you are going to open a new account I would choose a branch that is convenient for you. You will need to go to deposit money after any events and possible withdraw change for floats etc. and it's surprising how many people are busy when this stuff needs doing.:o
I am secretary of a PTA and we have both a cash and a savings (which earns interest) account.

lindos90

Horace wrote: »

I would be inclined to set up a treasurer's account because you are not a charity.

Is there a way of tracing the previous signatories of the old account? Surely, there is a way of the bank acknowledging your position too - try actually visiting the branch because you are more likely to be successful than trying to talk to them on the phone. Take proof of ID, proof that you are now the Chair of the PTA etc.

Apparently two of the previous signatorys have been removed now, so they would not be able to sign my form to become a signatory. I have no proof that I am the chair, I just volunteered during an informal meeting, I guess really im not a chair until im voted in during an AGM anyway! I have been into the bank to discuss it, I have current accounts there which could verify me, they still would not discuss the account as im not a signatory:(

Wonder if a quick letter fromt he head confirming im 'acting' chair would help?

paulwf

I wouldn't worry too much about interest as unless you are keeping large amounts of money tied up for long periods of time all current accounts will be much of a muchness given the current low interest rates. As another poster said go for the account that is most convenient, don't cause yourself extra hassle just so you can generate literally a couple of extra quid.

Savvy_Sue

suehippo wrote: »

If you are going to open a new account I would choose a branch that is convenient for you. You will need to go to deposit money after any events and possible withdraw change for floats etc. and it's surprising how many people are busy when this stuff needs doing.:o

Very true! But bear in mind that some banks let you pay in and withdraw cash at the local post office, which widens the range somewhat.

suehippo wrote: »

I am secretary of a PTA and we have both a cash and a savings (which earns interest) account.

Also well worthwhile.

If no-one at school knows for sure who the last known signatories are, would the bank agree to 'freeze' the account while writing to the last known signatories? Would they do this at the Head's request, for example?

Can the NFPTA offer any useful suggestions?

Also I was never formally voted in as Chair, or Treasurer, or anything else of the PTA. I just signed letters with whatever was appropriate under my name. No-one ever queried it, although I had usually got the right number of signatures on a form which said it was an extract from the minute book, and that "at a meeting of the committee on such and such a date, it was agreed to open an account with This Bank with the following signatories" or something like that.