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Keeping your funds in a biscuit tin is not recommended! You need a building society or bank account. You also want one that will not treat you as a commercial customer and make sizeable bank charges. Some banks and building societies do operate club and society accounts. One way to go forward is to ask your own bank manager for advice. If you have been with the bank for several years, she or he may well be a useful source of advice and might even be able to help sort you out a low or no charge account. You should stress that you will not be looking for any form of overdraft. Seek advice from other banks as well before agreeing anything. Society bank accounts will normally need more than one signature. It is important to have a system where any two out of four nominated signatories are able to sign a cheque. This means that money can be spent when one or two key group members are away, but also provides security for your group. Regular bank statements can be a valuable way of checking both how much money you have and whether your accounts are in order. Some banks supply monthly statements as a matter of course, while others may ask you to specify what you want. Always reconcile your bank statements with your cash book. All content copyright © 1986-2008 BTCV Ltd. Registered charity No. 261009 |
