Being a signatory on a community bank account
Discussion
My Wife recently joined a local club and is setting up a community event for local people. It's a pretty small scale event but we have already had to spend a bit of money on decorations, licenses, etc.
A couple of bodies have offered to donate £100 each to cover some of the event costs. They said the money has to go into a community bank account rather than a personal account. The club that she is a member of do not usually set up events and they don't have an account she could use.
My Wife is in the process of setting up a new community bank account and the online form is asking for Signatory details like their personal bank account, address, etc.
Are there any downsides to being a signatory on this kind of account? Would I personally be liable for any debts that might occur on the charity account? Would being a signatory adversely effect my credit rating or anything like that?
Also, what is required in terms of monnitoring the flow of money to and from the account? Can we just keep a log of our expenses and withdraw the amount to replenish our costs?
A couple of bodies have offered to donate £100 each to cover some of the event costs. They said the money has to go into a community bank account rather than a personal account. The club that she is a member of do not usually set up events and they don't have an account she could use.
My Wife is in the process of setting up a new community bank account and the online form is asking for Signatory details like their personal bank account, address, etc.
Are there any downsides to being a signatory on this kind of account? Would I personally be liable for any debts that might occur on the charity account? Would being a signatory adversely effect my credit rating or anything like that?
Also, what is required in terms of monnitoring the flow of money to and from the account? Can we just keep a log of our expenses and withdraw the amount to replenish our costs?
They merely ask for her details as they have to check her ID.
Prudent idea for an event to ensure the club concerned have public liability insurance.
I'm a signatory on two accounts linked to my kids school. One is a registered charity and all cheques have to have two signatures (but strangely I can transfer online), the accounts are checked by a auditor once a year. The other account I'm sole signatory and I email the statements to two other people annually just so everything is above board.
Prudent idea for an event to ensure the club concerned have public liability insurance.
I'm a signatory on two accounts linked to my kids school. One is a registered charity and all cheques have to have two signatures (but strangely I can transfer online), the accounts are checked by a auditor once a year. The other account I'm sole signatory and I email the statements to two other people annually just so everything is above board.
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