Club bank accounts

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Andrew Zigmond
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Club bank accounts

Post by Andrew Zigmond » Wed Jul 04, 2018 11:09 am

At my club we're currently experiencing difficulties with our bank account. For obvious reasons I'm not going to go into excessive detail on a public forum, however essentially we are looking to close our existing account and open another.

The problem we are finding is that a) many banks and (it seems) all building societies don't offer club and society accounts anymore but b) if they do there is no option for a dual signatory account where two signatures are required to sign a cheque. The club committee have resolved that we do not want a single member to be in a position to plunder the account (unlikely as that is) so we are currently stuck in limbo; although as I noted at the most recent meeting cheques are likely to become obsolete within the next decade anyway.

Given that we can hardly be in a unique situation I wondered what other clubs have done to ensure the safety of their assets.
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David Sedgwick
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Re: Club bank accounts

Post by David Sedgwick » Wed Jul 04, 2018 12:03 pm

Googling found https://www.resourcecentre.org.uk/infor ... nisations/.

Sorry if this is a "grandmother suck eggs" post.

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David Shepherd
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Re: Club bank accounts

Post by David Shepherd » Wed Jul 04, 2018 12:17 pm

https://scvo.org.uk/running-your-organi ... comparison, may also be useful although possibly more for Charities, but some of the accounts are also for clubs.

Andrew Zigmond
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Re: Club bank accounts

Post by Andrew Zigmond » Wed Jul 04, 2018 12:24 pm

David Shepherd wrote:
Wed Jul 04, 2018 12:17 pm
https://scvo.org.uk/running-your-organi ... comparison, may also be useful although possibly more for Charities, but some of the accounts are also for clubs.
Thank you David. This is very helpful and I will investigate further.
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Andrew Zigmond
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Re: Club bank accounts

Post by Andrew Zigmond » Wed Jul 04, 2018 12:26 pm

David Sedgwick wrote:
Wed Jul 04, 2018 12:03 pm
Googling found https://www.resourcecentre.org.uk/infor ... nisations/.

Sorry if this is a "grandmother suck eggs" post.
We have trekked around the major banks; most of them offer club and society accounts but not with dual signatories, which is the sticking point for us.
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Chairman - Harrogate Chess Club
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Roger Lancaster
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Re: Club bank accounts

Post by Roger Lancaster » Wed Jul 04, 2018 3:09 pm

I'm not our club treasurer but we're with a major bank where we've achieved the desired result of two signatories for payments above £200 (but just one signatory needed for smaller amounts) although, while this works quite well for cheque-signing purposes, it's a bit cumbersome for internet payments. On the minus side, a colossal amount of time was spent setting this up - and this will repeat itself as and when, at some future date, the signatories change. I'm not convinced the bank in question is seeking this type of business, hence my reluctance to mention names, but it's well known for losing a diamond in 2012.

Kevin Thurlow
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Re: Club bank accounts

Post by Kevin Thurlow » Wed Jul 04, 2018 4:46 pm

"I'm not convinced the bank in question is seeking this type of business, "

I think you're right. We had similar problems, and when we wanted to put a new signatory on (as the Treasurer changed), they insisted they had never heard of me despite the fact that they had accepted my signature for the previous 15 years. I think banks in general don't want this sort of business.

Paul McKeown
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Re: Club bank accounts

Post by Paul McKeown » Wed Jul 04, 2018 4:51 pm

Barclays offer multiple signatories, with dual authorisation or all signatories authorisation required. Complex mandates with other signing is possible. Banking for community accounts is free. Most things are possible online with a PIN terminal. They are generally responsive and helpful, but their in-branch staff probably won't know what you are talking about. I guess Roger's reference to a bank losing a diamond is to Barclay's, so I suppose it is a case of YMMV.

Lloyds also offer such accounts, but I have found them pretty unresponsive, when you need to do something new with your account.

I know that Santander don't offer community accounts. Not sure about Nationwide, although I do remember asking. I believe that Metro do or at least did, but I have no experience of these.

Andrew Zigmond
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Re: Club bank accounts

Post by Andrew Zigmond » Wed Jul 04, 2018 5:09 pm

Paul McKeown wrote:
Wed Jul 04, 2018 4:51 pm

Lloyds also offer such accounts, but I have found them pretty unresponsive, when you need to do something new with your account.

I know that Santander don't offer community accounts. Not sure about Nationwide, although I do remember asking. I believe that Metro do or at least did, but I have no experience of these.

Your comment about Lloyds is the crux of our problem. Quite frankly I wouldn't trust them to look after a clothes peg.

Santander do offer club and society accounts although opening an account was a bit convoluted and the account is only single signatory.
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Mick Norris
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Re: Club bank accounts

Post by Mick Norris » Wed Jul 04, 2018 5:17 pm

HSBC works fine for Bury with dual signatories
Any postings on here represent my personal views and should not be taken as representative of the Manchester Chess Federation www.manchesterchess.co.uk

Paul McKeown
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Re: Club bank accounts

Post by Paul McKeown » Wed Jul 04, 2018 5:27 pm

With Lloyds I found that the only way to get anything done was with the help of an experienced and willing member of the branch staff. Communicating with their business department was Byzantine at best. Admittedly they were laying off thousands of back office staff and demerging at the time. Perhaps they are different now.

Barclays, the contrast is as between light and day in my experience. Their front office don't know about these things, but know enough not to pretend, and reasonably efficiently locate the correct back office staff dealing with mandates or community accounts. Their back office staff always know exactly what I am trying to do, and can tell how it should be arranged. Cheques with dual authorisation, internet banking with dual authorisation, telephone banking, national and international payments and receipts, regular payments, all no trouble. Happy to offer us more, but we don't really have a need for anything more involved at the moment. I note the reference to single authorisation for amounts under £200, with dual authorisation over that amount, which sounds useful to bear in mind.

I see that Santander offered you a community account, but without dual authorisation, it would not suit many purposes. I remember also they were trying to charge £7 per month...

Brian Towers
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Re: Club bank accounts

Post by Brian Towers » Wed Jul 04, 2018 7:10 pm

Life must be very different down in the opulent South. Last season South Shields chess club changed their membership fee and collection system.
Previously the club treasurer, when he turned up to a club night, wasn't playing a match and remembered, would collect £1 from every member in attendance. Now it is a flat fee of £6 a season.

It's meant to be revenue neutral. The main benefits are a) reduced wear and tear on the sock the treasurer used to use to hold the collection of £1 coins and 50p pieces he kept under his bed until it was full enough to warrant a trip down the bank and b) reduce the number of trips to the bank to deposit said membership money, ideally to once a year.

The idea that there would ever be enough money in the account to be worth absconding for a licentious weekend in, say, Amsterdam is absurd. Even a weekend in Newcastle, come to that.
Ah, but I was so much older then. I'm younger than that now.

Allan Hodgkinson
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Re: Club bank accounts

Post by Allan Hodgkinson » Wed Jul 04, 2018 10:45 pm

😁😁

Paul McKeown
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Re: Club bank accounts

Post by Paul McKeown » Wed Jul 04, 2018 10:46 pm

Brian Towers wrote:
Wed Jul 04, 2018 7:10 pm
Life must be very different down in the opulent South. ... The idea that there would ever be enough money in the account to be worth absconding for a licentious weekend in, say, Amsterdam is absurd.
Admittedly, Richmond Juniors is, I imagine, currently larger and more active than most other chess clubs in the country.

Ian Thompson
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Re: Club bank accounts

Post by Ian Thompson » Thu Jul 05, 2018 12:55 am

Brian Towers wrote:
Wed Jul 04, 2018 7:10 pm
The idea that there would ever be enough money in the account to be worth absconding for a licentious weekend in, say, Amsterdam is absurd. Even a weekend in Newcastle, come to that.
Maybe not, but there was a case many years ago of a treasurer secretly borrowing money from an organisation for personal benefit before returning it. If memory serves me correctly, he'd been doing it for about 3 years before anyone noticed.

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