BU has a new bank account!
Why the change?
Looking after club funds is one of the most important roles of the committee and something we have to treat very carefully. The old account was under signatories who are no longer active in the club and this had been the case for some time. This is bad practice as it meant people who were not part of the committee had access to club funds and the current committee would have no control or right to discuss with the bank if there was any problem, fraud, error or block on the account. Although we followed the procedure to keep the old account and change the signatories this was not successful – our request was not processed and we were left with the choice of a lengthy process to contact the previous signatories or a much shorter process of opening a new club account.
Opening a new account gives us a fresh start with four current committee members as signatories on the account, two with online access. We also have clarity over what needs to be done to update these signatories following the next AGM. In addition, we chose an account which would give us better control over online access and payments, allowing us to follow better practice in accountability and protecting club funds from the possibility of abuse.