I'm a treasurer for an organisation and our bank account (a society/organisation account) doesn't have a card, just a chequebook.
It's never usually a problem (cheques are easiest anyway as the people we're paying are often other societies with a similar set up), however if we ever have to do a transfer it's a nightmare. They always offer a CHAPS payment (and charge £30). The only way around this is to set up a standing order that then has to be cancelled once the payment's gone through. It's a pain as we have more than one signatory on the account, so getting to the bank together can be awkward.
I understand we can't use the Faster Payments because our account doesn't have a card, but why can't they just do a normal BACS transfer? If anybody knows I'd be very much obliged because this is really starting to get on my nerves. They just shrug and say they can't do it.
Yes, that's the only type of society/charity account they do apparently (although the person looked at me very blankly when I said it was a society account and I had to explain what it was, so I might go back and ask somebody else!).
There's only one other bank I can get to, and my parents had a bad experience with it (ombudsman etc.) so that had put me off. I'll go in and have a chat though, and see what they say.
I can understand why it doesn't have a card (tbh, you don't really need one and it would be almost impossible to enforce the two signatories rule) but in that case I'd have thought it was important that transfers were easier, not harder
We had no option for online banking, which I would have liked. Which bank are you with Notify if you don't mind?
The cheques aren't really an issue, occasionally the president will sign one or two ahead for me, but we tend to see each other a few times a week so there's never a delay of more than a day or two. It's just that those times are always outside of banking hours!
If you have the account set up as 2 to sign you won't be able to have online banking or a debit card, this is why you can't do faster payments. Your only way around it is to allow any one individual signatory to sign, then it can be done online or can have a debit card, sorry.
You can have two signatories needed for cheques, with online banking, but there is no way to allow online banking with two people needed to confirm payments.
I've been with HSBC who have usually been good with community group accounts, but generally there's only one person per branch who knows how to set them up. They are a type of business account without charges. Sounds like you may have been given a small business account if you are getting charged and can't use BACS for free. Ask them what the local Scouts do.
For reference, you can't transfer more than around �15k a day via internet banking. Just in case that were the issue...
I don't mind about that so much Rockchick, I'd rather have the two signatories, so I can't be accused of anything! But it's irritating that both signatories can be in the bank and not be able to do a transfer without doing it in such a roundabout way. So we can set up standing orders which take three days to process with no charge, or we can do a one-off next day transfer with a charge. So why can't we have a one-off three day transfer?
That's interesting NotCitrus. I can't see anywhere on the statements or cheque/paying in book that says business account, but then I can't see anywhere it says society either! I'll go in and ask who deals with setting up that type of account and see if we don't have quite the right type of account, or if it's right, find out exactly what we can/can't do.
I don't think we'd ever have to transfer that much in one day - like I said a lot of our transactions are with cheques, so chances are an amount that large would be split over maybe one transfer and three/four cheques.
our bank account has 2 signatures but we still have a debit card - 2 people had to sign the application card but the card naturally had to be in a single name. We satisfied the committee and auditor that this was ok by having the card in the name of someone other than the treasurer which means we have clear segregation if duties and that the person checking the bank statements is different to the person originating the payments
Talkin if an account needs 2 to sign for withdrawals how is that compatible with sending payments via online banking? Genuinely curious, it's a couple of years since I worked for a bank but I don't get how a payment could be authorised online by both parties?
It can't on basic on-line banking packages Rock but you can get round it by having the single person who sends the payments authorised to do so by 2 signatories
More sophisticated (expensive) systems aimed at the commercial market allow you to set up payments by having separate a inputter and authoriser so two people have to input their pin/password before a payment can be sent.
I have been treasurer of an organisation where we have used online banking, needing two people to authorise each payment. It is possible, but afaik the bank would have to set it up as a business account, where two authorisations would be the norm. It's definitely possible - in theory it was a business account, but we didn't get charged the extortionate business banking fees that would apply to a standard business account.