Bank Account for small club
Discussion
Small DIY shooting syndicate
Looking for simple bank account to receive subscriptions and pay landowners, stock, equipment and feed suppliers. Turnover < £10000. Not likely to grow to more than £20000.
Members only shoot no commercial activity.
Tried applying for charity/organisation (significant conservation/habitat improvement activity) but got knocked back after very long delay.
Any ideas?
Looking for simple bank account to receive subscriptions and pay landowners, stock, equipment and feed suppliers. Turnover < £10000. Not likely to grow to more than £20000.
Members only shoot no commercial activity.
Tried applying for charity/organisation (significant conservation/habitat improvement activity) but got knocked back after very long delay.
Any ideas?
Banks on the whole hate clubs and societies as they often involve more admin work for them for no meaningful reward.
My model club had a real job trying to sort an account out after Nationwide told us to they were no longer operating club accounts and they were closing our account down. In the end, we were able to sort out an account with Nat West but it was a right pain and is still a rather clumsy account to operate - especially given the tiny sums passing through the account.
My model club had a real job trying to sort an account out after Nationwide told us to they were no longer operating club accounts and they were closing our account down. In the end, we were able to sort out an account with Nat West but it was a right pain and is still a rather clumsy account to operate - especially given the tiny sums passing through the account.
I think banks also find it a nightmare from the Money Laundering perspective. A combination of lots of individuals involved and "where does the money come from?".
There's the practical problem that with electronic banking it's very difficult to achieve any equivalent of cheques that used to require two separate signatures. Typically there's one log-in ID, one password and one person at the keyboard irrespective of what the club rules might say about joint control of funds.
In many cases you might just as well have the treasurer open a personal account as, for instance, "Mr A Treasurer - club a/c" and sidestep some of the grief.
Another alternative is to constitute the club as a small limited company and open a standard company account.
There's the practical problem that with electronic banking it's very difficult to achieve any equivalent of cheques that used to require two separate signatures. Typically there's one log-in ID, one password and one person at the keyboard irrespective of what the club rules might say about joint control of funds.
In many cases you might just as well have the treasurer open a personal account as, for instance, "Mr A Treasurer - club a/c" and sidestep some of the grief.
Another alternative is to constitute the club as a small limited company and open a standard company account.
We are using Lloyds for my small car club, similar turnover. I set it up recently as a transfer from another bank and found the process seamless and I like that everything can be done online with no forms. I also like the flexibility of the controls in place with their internet banking.
At work I use Barclays Business bankling (iPortal and Cash Management) and it is horrendous.
At work I use Barclays Business bankling (iPortal and Cash Management) and it is horrendous.
Panamax said:
I think banks also find it a nightmare from the Money Laundering perspective. A combination of lots of individuals involved and "where does the money come from?".
There's the practical problem that with electronic banking it's very difficult to achieve any equivalent of cheques that used to require two separate signatures. Typically there's one log-in ID, one password and one person at the keyboard irrespective of what the club rules might say about joint control of funds.
In many cases you might just as well have the treasurer open a personal account as, for instance, "Mr A Treasurer - club a/c" and sidestep some of the grief.
Another alternative is to constitute the club as a small limited company and open a standard company account.
Even that last option can become a pain, depending on how the shares of the company are distributed. There's the practical problem that with electronic banking it's very difficult to achieve any equivalent of cheques that used to require two separate signatures. Typically there's one log-in ID, one password and one person at the keyboard irrespective of what the club rules might say about joint control of funds.
In many cases you might just as well have the treasurer open a personal account as, for instance, "Mr A Treasurer - club a/c" and sidestep some of the grief.
Another alternative is to constitute the club as a small limited company and open a standard company account.
Our Motor Club uses Lloyds Banking - Treasurers Account - https://www.lloydsbank.com/business/business-accou...
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