Clubs and their Bank Account !

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Clubs and their Bank Account !

Post by scottdog007 »

A club I am involved with is going through changes. There is a possibility of a long standing treasurer standing down.

Now I am being told we do not have and cannot have ebanking as the process of having the 2 or 3 signatures make this difficult to operate.

We are only getting to see statements once a month as the bank is too far away to go to for a visit just to look at payments.

Are there other clubs that found a bank that is flexible? So possibly having ebanking so you can view statements quickly and then use cheque books to transfer money having 2 signatures.

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Re: Clubs and their Bank Account !

Post by PaddyW »

Your club constitution may specify two signatures on payments from your bank account. If that is the case then you could update your constitution to be more up to date with current banking.

HSBC Community Account can be set up with one person, (i.e. treasurer), able to make payments online. You can also have several other committee members with view only access to the club account, (e.g. Secretary and Chair). As the account is accessible online it is very quick and easy to check payments and balances.

I am not aware of any club/community accounts where you can have two users authorising a payment but they may exist.

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Re: Clubs and their Bank Account !

Post by hodgkins »

Yes, NatWest allows ‘readonly’ Online banking access whilst still requiring multiple signatures on cheques.

More than one person can be granted online banking access too. Their mobile app also can be used.

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Re: Clubs and their Bank Account !

Post by Chris Bolton »

You could set up an account where electronic transactions can be made the Treasurer alone, then use two factor authentication to log in, with the code going to a different committee member and forwarding it to the Treasurer. Some banks might enable two factor on setting up new payees as well. That doesn't stop the Treasurer making payments that haven't been agreed, but it does ensure that other members with read only access know that transactions are ongoing so they can monitor.

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Re: Clubs and their Bank Account !

Post by Adrian Cooper »

Our club has taken the extraordinary move to have a treasurer who can be trusted. Account balances are reported at each committee meeting.

In our company our accountant sets up payments which are then authorised by a director. One could use this but of course the director can set up and authorise payments without the accountant so it's not fool proof.

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Re: Clubs and their Bank Account !

Post by DaveB »

Barclays offer on line banking for clubs with a second "signature" which is a quick and easy process.

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Re: Clubs and their Bank Account !

Post by arcticrambler »

I am the treasurer of our canoeing club and inherited a 'cheque & paper' club/community bank account with Barclays. This required two signatures on each cheque. Working with Barclays I went for online banking, there were a few niggles but we got there and now our banking is so easy. I have to have all outgoing payments 'authorised' by a 2nd nominated person (we have two authorised and 'nominated' persons). Our 'nominated' persons can log on and see the accounts, they could if they wish try and make a withdrawal etc but everything has to be authorised by a 2nd nominated person, and of course there is a record on line of who did what on the accounts. Hope this helps.

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