Business Account - Dual Authorisation online banking

loofer

reviving this old thread (again).
We're a charity and also currently have a dual mandate with HSBC.

We'd rather not switch banks as most of our members/donors ave our existing bank details and it wouldn't be easy to ensure everybody get's our new bank details.

being able to authorise payments is our 2nd priority but our number 1 priority would be getting online statements and being able to check transactions/balance instantly. Can't even get online banking with our mandate at HSBC.



With OpenBanking I was hoping there would be an banking aggregator app that would we can authorise access to HSBC account and that would at least allow us to view transaction data.

RacingDriver

loofer said:

We'd rather not switch banks as most of our members/donors ave our existing bank details and it wouldn't be easy to ensure everybody get's our new bank details.

If you switch your current account using the full Current Account Switch Service then any payments made to the old account get automatically forwarded to the new account and the payee gets notified of your new account details.

Westie983

Lloyds does this, I have a treasurers account with three signatories and its set up for any two of three signatories to authorise any payments from the bank, via online banking and any two of three signatories on cheques.

I set up the payment and click send, and then the second signatory logs on and approves the payment, it is then sent and shown on the bank statement. 

You can have online access read only if you don't want to use online banking but to only view to see payments in and out, or you can have full access so you are able to make payments out of the account.


Westie983

loofer

RacingDriver said:

loofer said:

We'd rather not switch banks as most of our members/donors ave our existing bank details and it wouldn't be easy to ensure everybody get's our new bank details.

If you switch your current account using the full Current Account Switch Service then any payments made to the old account get automatically forwarded to the new account and the payee gets notified of your new account details.

Ah, didn't know this.
Barclays would be ideal for us but appears they're not taking on new charity customers unless income below £50k
They're open Saturdays, not far from us and given it's a newish branch, unlikely to close anytime soon

RacingDriver

loofer said:

RacingDriver said:

loofer said:

We'd rather not switch banks as most of our members/donors ave our existing bank details and it wouldn't be easy to ensure everybody get's our new bank details.

If you switch your current account using the full Current Account Switch Service then any payments made to the old account get automatically forwarded to the new account and the payee gets notified of your new account details.

Ah, didn't know this.
Barclays would be ideal for us but appears they're not taking on new charity customers unless income below £50k
They're open Saturdays, not far from us and given it's a newish branch, unlikely to close anytime soon

NatWest have a Community Bank Account product which has a higher limit with an annual turnover of less than £100k.  They also offer Bankline for Communities which offers the dual authorisation for online payments.

AlwynP

Llloyds Bank were and possibly still are refusing to allow organisations with existing bank facilities to set up what they call Treasurer accounts.  If they will accept your application they offer online dual authorisation using card readers.  I have been using them as a Charity Treasurer ever since CAFBank started charging for processing more than 50 cheques.  Barclays introduced the facility more recently.  When Santander took over Alliance & Leicester accounts I only discovered after setting up a payment that, unlike Alliance & Leicester, they didn’t offer the facility.  We switched to Lloyds as there weren’t any restrictions at that time.

The additional benefit of Lloyds Bank Treasurer accounts is that you can pay cheques in online. Given the closure of so many bank branches the facility is invaluable.  HSBC also offers this facility and I think that they also offer dual authorisation so that might be a good alternative as changing mandates with Barclays is a nightmare.