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What bank to use for PTFA account?

(13 Posts)
Kittyinthewood Tue 08-Mar-16 14:31:35

A bit of a dull question. We r thinking of converting from a Friends to a PTFA. We wondered what banks other schools used?
Thanks guys. X

TeenAndTween Tue 08-Mar-16 21:19:19

I'm not sure why Friends v PTA makes a different to the account?

I've been involved in 2 PTAs, and have used Lloyds and NatWest.
It is always a pain changing signatures etc.

Go for one with a local branch is the best advice I can give.
And keep it simple.

Then think
- how many authorised signatures
- one or 2 people to sign (2 gives added security, and you can meet them at the primary school easily enough to countersign)
- where to send statements

Kittyinthewood Wed 09-Mar-16 10:08:21

Hi T & T, Thanks for your reply! Useful info! Our Friends account is currently the school uniform and school trips account! For some reason it has never been separate! This is an overdue change really. We have a post office in our village so I am thinking we might use them as you say 'to keep it simple'. Our nearest town is some miles away.

TeenAndTween Wed 09-Mar-16 10:41:03

shock Yes, should be separate!

The 2 I am involved with are both registered charities with the charities commission. Will the post office account let you write cheques and have multiple authorised signatures? I think they are a must have.

LemonBreeland Wed 09-Mar-16 10:51:37

I don't want to be depressing, but it probably doesn't matter which you use. They are all crap for this type of account. Nothing is done in branch any more, and the paperwork to change signatories etc. is painful. I am told by someone on our PTA who works for a bank that they don't really want these kinds of accounts as they don't make them any money, so they make it difficult.

CB2009 Wed 09-Mar-16 12:32:34

Agree. These are not plum accounts for banks. We use Nat West. Befriend the staff in your local branch. Make clear that you are doing as a volunteer too. Since I made all this clear then staff in branch have been very kind/helpful/supportive. Changing the bank mandate was dreadful but again now the local branch try to help me. Give them warning when you need change. Step aside when you have loads of change to bank and there is a long queue :-) Two signatories and separate account are musts in my mind. I also get any expenses for me, with receipts, signed off by at least two others to avoid any comment

madamginger Wed 09-Mar-16 12:36:52

We use Barclays Bank. We have 2 debit cards on the account so we can shop at the cash and carry etc. Plus the usual chequebook we also have online banking which is handy for meetings

Kittyinthewood Wed 09-Mar-16 12:40:48

Thanks also Lemon for your honest input! Will pop down to the Post Office and see if they can offer what T & T says we need! It makes me feel like we need a new bank 'Free Bank'! Which actually wants this charity type business and offers interest too! Wow....that would be cool!

Kittyinthewood Wed 09-Mar-16 12:42:20

Thanks Madamginger...we posted at the same time...yes, the online banking idea and debit card would be useful too....

Pantsalive Wed 09-Mar-16 13:11:11

At my previous PTA we used CAF Bank, the Charities Aid Foundation bank which is set up for just such accounts. www.cafonline.org/about-us/about-caf-bank

It always seemed very good.

prettybird Wed 09-Mar-16 22:41:30

Only thing I would advise is that if you use two signatories, make sure you have at least three authorised signatories. Otherwise when one or more people move on (as is the nature of PTAs), then it's an absolute pain while you try to get other signatories authorised hmm

Kittyinthewood Sat 12-Mar-16 13:14:16

Thanks everyone for your useful words of wisdom. XX

Sadik Sat 12-Mar-16 13:24:07

I've used the Co-op Community Direct current account with a couple of voluntary groups, and it's always worked well for us. You can bank at a post office or do everything online/by post (you get freepost 1st class envelopes to send off cheques).
But having said that I have been trying to start an account for a new group I'm involved with since the end of October and they have lost the forms repeatedly and we still don't have an account! I think it might just be bad luck, though, I've never had that experience before. (I also bank with them for my business)

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