Charities board update
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Please note, our Forum rules no longer allow the posting of links to personal fundraising or crowdfunding pages, such as JustGiving. You can read the full set of our Forum rules here.
Bank closed our account
I am part of a small mental health charity with a turnover of less than £500 a year. We had a Treasurers Account with Nationwide, but recently they have closed it saying they no longer offer this service. We tried to move to Lloyds but they wont accept transferred accounts. I checked with the Bank of Scotland and they say something similar on their recorded phone message. I appreciate that with a very small amount of money we are not an attractive customer, but we do have some income and need an account to receive it. What can we do?
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So can you get any money out? I'm thinking rather than transferring the account, could you pay some money into a new account, and then move the rest manually?
Ask your Independent Examiner?
For registered charities, there's Triodos, CAF and Unity Trust. Sorry I'm on my phone, and links are hard work ....Signature removed for peace of mind1 -
Now on the PC:
https://www.triodos.co.uk/charity
https://www.cafonline.org/charities
https://www.unity.co.uk/business-current-accounts/
All of these would offer you some way of paying in or withdrawing cash locally, if that's a need. Cheques you would probably pay in by post. Online banking with dual authorisation is also standard. Worth asking if they can offer a switching service.
Don't worry that you haven't heard of them: they are not high street banks but they do offer accounts for charities.Signature removed for peace of mind1 -
May not be free - CAF is now £8 / month plus 50p / chequeNever pay on an estimated bill1
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We found out that the FCA advised banks to reduce the number of small charity accounts they have, so we're a victim of that.
Looks like we can get an account with Virgin, but will need a 3rd signatory. In the meantime we'll have to pay tax on one income stream as it will have to be paid to an individual.
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Robin9 said:May not be free - CAF is now £8 / month plus 50p / chequeBob_Sapey said:We found out that the FCA advised banks to reduce the number of small charity accounts they have, so we're a victim of that.Bob_Sapey said:Looks like we can get an account with Virgin, but will need a 3rd signatory.
My most recent foray into treasurership came about because I said I'd shadow someone who'd been doing it for aeons. They had a stroke, could no longer sign, and I was 'raised up' immediately. Only one person was needed to sign cheques, but the only other signatory was no longer active in the club. At my first committee meeting we changed that, as a condition of me taking over ...Bob_Sapey said:In the meantime we'll have to pay tax on one income stream as it will have to be paid to an individual.
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We had far too little money to be laundering 😂.
As a group we did some work for a university, training students. When they pay an individual they automatically deduct tax and NI, but if they'd been able to pay the organisation, we'd have got the full sum.1
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