Bank account with restricted online access for association

Eco_Miser
Eco_Miser Posts: 4,708 Forumite
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in Budgeting & bank accounts
I am treasurer of a newly formed constituted association, with aspirations to become a charity one day.
We want a bank account where I (or other signatories) can check balance and transactions online, but not pay money out online, unless there is a method to authorise such payments by two or more of the signatories.

Can anyone recommend such an account? Do they even exist?
Eco Miser
Saving money for well over half a century

Comments

  • PeacefulWaters
    PeacefulWaters Posts: 8,495 Forumite
    Somebody once told me HSBC have an excellent online facility for clubs and society's that does exactly what you ask.

    I have no first hand experience of it.
  • Robin9
    Robin9 Posts: 12,091 Forumite
    First Post First Anniversary Name Dropper
    I am secretary to a small charity that banks with CAF. I can view balances / statements but would need to complete a separate application if I wanted to do and transactions.
    Never pay on an estimated bill
  • EachPenny
    EachPenny Posts: 12,239 Forumite
    First Post Combo Breaker
    edited 20 May 2017 at 11:35AM
    It would be a great way to help tackle online fraud if customers were able to set their own limits on transaction types and values - for example only being able to transfer money online to specific accounts, or with a daily/transaction limit of say £100.

    Some banks - e.g. Clydesdale/Yorkshire - allow customers to opt to have a verification device to authorise transactions over a certain value. But I'm not familiar with any that allow user defined limits or blocks on online transactions.

    Edit: Some of the smaller (and not so small) building societies have accounts which can be viewed online, but have no online transaction facility. However, these are normally savings accounts so may not suit the OP's purpose.
    "In the future, everyone will be rich for 15 minutes"
  • bb88
    bb88 Posts: 4 Newbie
    I'm involved with an organisation that has exactly that - for us our account is through the Bank of Scotland but I believe Lloyds for those south of the border. Online payments can be setup by a user but must be approved by another one of the account signatories can go through. We don't have it setup as granular as individual user limits but I think that is an option too.

    The Treasurer Account comes under the business banking sections but is free to operate up to certain turnover limits
  • mt99
    mt99 Posts: 472 Forumite
    If you are happy to do the balance checking on your mobile phone, the Nationwide app lets you 'peek' at your current account balance without signing in etc. Should you want to make transactions etc you have to either logon to the desktop or use your pin to enter the mobile app.
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