Club Bank Accounts

Smithy3101

Hi All,
I've just become the treasurer of a swimming club and currently looking to upgrade the bank account to include internet banking. Do any banks have internet banking for clubs where there needs to be at least 2 signaturees to pay money online.

Thanks for any information.

innovate

You might find answers in one of the threads which previously talked about club accounts
https://www.google.co.uk/search?as_q=&as_epq=club&as_oq=account&as_eq=&as_nlo=&as_nhi=&lr=&cr=&as_qdr=all&as_sitesearch=forums.moneysavingexpert.com&as_occt=any&safe=images&tbs=&as_filetype=&as_rights=

Smithy3101

Thanks for that but not much help I'm afraid.
I'm really looking for an intertnet account that needs 2 signatories. Are there any out there?

debtfreeby2013

Smithy3101 wrote: »

Thanks for that but not much help I'm afraid.
I'm really looking for an intertnet account that needs 2 signatories. Are there any out there?

I think most of the high street banks offers clubs and charities accounts that require more than one signature. I run a scout group and have a treasurers account with Lloyds TSB they have only just started an online system that does not allow payments so I haven't got round to setting this up yet.

Basically, it'll mean that if I want to make a payment online I have to request it and then the other signatory authorises it whereas previously I wasn't allowed online banking because anyone with the username and password can make a payment without the second signatory.

grumbler

http://www.natwest.com/commercial/payments/g4/bankline/administrative-options.ashx

It is even possible to set up a Dual Administration system, where a second independent user must authorise any actions, such as payments.

Agricolae

grumbler wrote: »

http://www.natwest.com/commercial/payments/g4/bankline/administrative-options.ashx

I'm pretty sure that Bankline is designed for medium to large sized businesses. A swimming club would have normal online banking facilities, meaning that a trust/club mandate with two or more to sign would not be able to have online banking facilities at all (I think - this may have changed).

NatWest have an "authorised user" system where signatories to the club mandate can sign to authorise a person e.g. a treasurer or an accountant to operate online banking on their behalf.

jonesMUFCforever

I agree with you - if a club wants 2 signatures then there is now way to safely have internet banking on the account.
That person could transfer the funds anywhere at any time.

Sparx

Lloyds TSB look like they have exactly what you are after..

See here -
http://www.lloydstsbbusiness.com/community/accounts/index.asp

Payment auth guide for 2 or 3 people -
http://www.lloydstsbbusiness.com/onlinepaymentcontrol/index.asp

debtfreeby2013

Sparx wrote: »

Lloyds TSB look like they have exactly what you are after..

See here -
http://www.lloydstsbbusiness.com/community/accounts/index.asp

Payment auth guide for 2 or 3 people -
http://www.lloydstsbbusiness.com/onlinepaymentcontrol/index.asp

This is what I've just signed up for. I'm not sure how well it works yet as I only did the form yesterday. I run an explorer scout group and had to get permission from our district commissioner and, usually, the scouts in general are very funny with club account but my district commissioner authorised it within hours so now just need me and my second signatory to sign the forms and I can do online banking. Brilliant.