Community bank account blackhole help!!

ktwisty

Hello,
For the past year I have been working hard to get a voluntary community group together. As founder of the group I am chairman with two other signatourees.

We formed our group have just received council support for our project, organised our first fundraiser and we posted off our community bank account application to the co-operative thinking everything was ok and resumed with opening up a paypal account in the group name in order to sell tickets to our fundraise event expecting to be able to transfer the funds into our shiny new bank account once the account numbers and sort code was sent.

Today i received a letter from the bank to say that the account could not be opened with myself as a signatouree because of my credit report! I've had a look at my report and the score is rated as very poor there is one from british gas following an unpaid account of which I now have a prepay meter fitted and one other default loan of which I now need to try and find paperwork for to raise a dispute. This will all take months to sort out according to all sources and with the fundraiser looming and our deadline to get our first project finished by summer I am now thoroughly in a panic.

Is there a community bank account I can open anywhere that will not take my poor credit score against us? The account need two signatures to remove any money so should this be an issue or is there an account we can open that is savings only that does not require debit cards but does give instant access to funds in branch?

To give up the group now after I've spent so long building it would be shattering. Thank you.

pmduk

Why not open the account with a different third signatory?

yasmup

ktwisty wrote: »

Hello,
For the past year I have been working hard to get a voluntary community group together. As founder of the group I am chairman with two other signatourees.

We formed our group have just received council support for our project, organised our first fundraiser and we posted off our community bank account application to the co-operative thinking everything was ok and resumed with opening up a paypal account in the group name in order to sell tickets to our fundraise event expecting to be able to transfer the funds into our shiny new bank account once the account numbers and sort code was sent.

Today i received a letter from the bank to say that the account could not be opened with myself as a signatouree because of my credit report! I've had a look at my report and the score is rated as very poor there is one from british gas following an unpaid account of which I now have a prepay meter fitted and one other default loan of which I now need to try and find paperwork for to raise a dispute. This will all take months to sort out according to all sources and with the fundraiser looming and our deadline to get our first project finished by summer I am now thoroughly in a panic.

Is there a community bank account I can open anywhere that will not take my poor credit score against us? The account need two signatures to remove any money so should this be an issue or is there an account we can open that is savings only that does not require debit cards but does give instant access to funds in branch?

To give up the group now after I've spent so long building it would be shattering. Thank you.

pmduk wrote: »

Why not open the account with a different third signatory?

I guess as chairperson (i.e. ultimately in charge), any bank will want to credit check the OP whether or not thay are an approved signatory on the account.

It may be the OP needs to resign a chairperson and allow someone else to take charge whilst the OP sorts out their own personal finance issues.

dr_adidas01

yasmup wrote: »

I guess as chairperson (i.e. ultimately in charge), any bank will want to credit check the OP whether or not thay are an approved signatory on the account.

It may be the OP needs to resign a chairperson and allow someone else to take charge whilst the OP sorts out their own personal finance issues.

I have to say this is the worse advice ever, why should someone resign as chairperson because you think its best?

As others have said get a different person to be added as a signatory, its doesn't have to be the chairperson.

Why not try Natwest community account, the Co-Op can be a little funny when it comes to opening accounts for business, even when you have a very good credit files.

Where do you do you personal banking? do they not offer a suitable account of any kind?

yasmup

dr_adidas01 wrote: »

I have to say this is the worse advice ever

I thank you sincerely for posting your opinions.

Naturally, I disapprove of what you say, but I will defend to the death your right to say it.

If you really do think that is the worse (sic) advice ever, I suggest you read alot more posts on MSE

dr_adidas01 wrote: »

why should someone resign as chairperson because you think its best?

Now I didn't say I thought it would be for the best did I?

But never mind, it is clear we will never agree on this and so I would suggest we agree to disagree

pmduk

One point for the OP to consider is the possibility of a financial link being created between all of the signatories. I must stress, Ive no idea whether this would happen with such an account but it's important to check.

Uxb

I am a signatory on several club and society type accounts.
They do not appear on my credit record.
As it happens I already have personal accounts with the banks where the club/society accounts are held.

Obviously the signatories will have to be members of the committee however I don't think it the necessary for them to be officers (chair/sec/treasurer)
I worked an account as treasurer and the other signatories were another committee members not the Chairman. (mainly as he was a very busy person and getting him to x-sign cheques was going to be a no no)

[Deleted User]

pmduk wrote: »

One point for the OP to consider is the possibility of a financial link being created between all of the signatories. I must stress, Ive no idea whether this would happen with such an account but it's important to check.

No, there is no financial association amongst approved signatories derived purely from being one of the approved signatories to a business or similar club/association account.

salduck

Hi there I had the very same problem!! I have got round it by having my secretary and treasurer as the 2 signatories on the account- I am not mentioned anywhere in the bank account details.
Its sometimes easier to remove yourself fromt hat side but DO NOT give up as Chairperson because of financial probs you may have had and are dealing with!
It is perfectly normal in my opinion to have 2 signatories who are not the Chair.
Cheers
Sal