How do i open a bank account for a sports club?

Beatle_Ray

Hello


I want to open a bank account for my sports club, all I will need is a facility where I can pay cash and cheques in and have a cheque book to make payments, I tried Nat West about a year ago and it was just so complex, I don't want a loan or overdraft and I will be the only signatory- can anyone recommend a bank or provide a link please




Thanks

xylophone

I will be the only signatory-

Should there not be a secretary and treasurer?

https://www.resourcecentre.org.uk/information/bank-accounts-for-community-and-voluntary-organisations/

might help.

DCFC79

2 seconds to Google brings up a few options, Santander and Lloyd's are mentioned.

Robin9

Being the only signatory is potentially dangerous - you may well be honest but others may question your payments.

Have 3 with any 2 to sign.

Have you a constitution - your bank may well want to see one.



Dont be tempted to handle the payments through your private account either.

Try Lloyds - but you are on a challenging path.

Uxb

I'm Treasurer of two such voluntary organization

One has a Barclays Community account
another has a Natwest clubs and societies type account
I think these accounts are generally handled by the banks corporate/business sections and not by their retail side.

I would most strongly advise for your own protection NOT to be the sole signatory for the same reasons @robin9 said.
I would also advise for there to be three authorised signatories of which only two need to sign
That way if one of the sig's becomes unavailable (eg dead or moved abroad) then you will not run into really major problems getting a new one appointed as without, in this example, the grant of probate from the relatives (who will not be interested) you will be stuck.

If its all too much hassle just to open the bank account and fill in the mandate forms and ID forms for the authorized signatories then frankly you are not the right person to be doing this role...because yes being a treasurer is indeed work.

My final advise - do not deal in cash.
Insist on all payment by cheque or bank transfer which are traceable
Cash is easy to get "lost" and argued over.

Robisere

The advice from xylophone, Robin9 and uxb, is all useful, pertinent and correct. I can offer my own experience as Chair of a Residents Association: we were all Seniors and organised outings, restaurant visits, entertainments, flyers and brochures. All of that was financed by subscription and Social landlord funds. Our setup included a written constitution and the following officers were elected annually (but never voted out): Chair, Vice-Chair, Secretary, Treasurer. All financial affairs were signed by the Treasurer and countersigned by the Chair.

The problems began when the Treasurer became too ill to continue (a breakdown, unconnected to her Treasury work). After calling an extraordinary General Meeting, no other candidates came forward. We folded, amongst much dissension. The remaining finances were given to charity, by vote, and recorded.

This illustrates what can happen: no one can go out and just form a club or association, especially handling money matters, without a form of organisation. It requires a Constitution, passed by all members, Chair or President, (and ideally, a vice- chair or -president) a Secretary to record meetings, and a Treasurer to be responsible for all financial dealings. Signing of cheques, collection of monies, settling accounts and other dealings, has to be countersigned by another officer from the above.

There is no other way to do this, to be legal.