Setting up a club bank account - advice please

[zoeshiloh]

I have recently set up a local riding club, and need to set up a bank account to deal with all the finances - we already have lots of interest, and are having an open evening next week. I am guessing most people will want to pay membership fees via cheque, so we really need a club account. Has anyone set one of these up before? Do you know how to go about doing it? Is it classed as business banking, therefore chargeable, or is there some sort of club banking offered for non profit groups? Can anyone help?? Also, which banks offer the best/most friendly club service?

 

[Shipley]

most riding clubs are charities I believe so thats how you get around this can you not speak to BRC and see what they say was anything in there info pack or do you know a treasurer of a pony club,I also believe you need at least 2 signatures

 

[MotherOfChickens]

yep, most banks have a special set up for this sort of thing-I set one up with the RBS last year. you'll need the usual ID as will any cosignatories and it will save time if you both/all went in together to sort out paperwork.

 

[Angua2]

Have a chat with which ever bank you are going with, but for a club/society you usually need two signatories on the account. One is usually the treasurer and the other is another senior member of the soceity, either the chairman or secretary ( i think)

Also bare in mind that cheques are going to be phased out and many people like to pay electronically, so it may be worth investigating that route too..... (but I think you need a bank account for that!!)

 

[JenJ]

Hi Zoe,

I am organising an annual race (running) with the first one this year, and I set up a club/charity bank account with Lloyds TSB (chose them purely for convenience as they are next to my office). There are no charges for using the account, I have a cheque book and paying in book, and internet access to the account.

I am the only person involved, so am the only signatory - this wasn't an issue.

Good luck - and if I was nearer, I'd join you!

 

[claireelizabeth]

Barclays do a community account that is free and would do the job, I've just set one up for a memorial fund. Is a bit of a lengthy process and branches did seem too sure what to do, a pack was sent in post but once set up runs like a normal account