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Opening account in club's name

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  • 07-04-2010 1:14am
    #1
    JohnCleary
    Registered Users Posts: 10,207 ✭✭✭✭


    Hi folks,
    If this is in the wrong place, apologies in advance!

    OK quick summary...
    Last year we set-up a powerboat club. We are affiliated with the ISA (Governing body for boating in Ireland) and all is hunkey dorey, EXCEPT that our bank account isin't in our clubs name.

    At the time, the treasurer set-up an account in her own name (personal account) just as a way to get the ball rolling. Now we're getting more memberships and need to get an account in the club's name.

    We have a committee and an AGM where a treasurer is elected each year.

    Can anyone give us an idea how we go about this? We're not sure if we need to register the club with revenue or what before we can open bank account in the club name. We're a non-profit club and turn over less than €1k a year.


    Thanks a lot folks


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    #2
    homer911
    Registered Users Posts: 5,113 ✭✭✭homer911


    JohnCleary wrote: »
    Hi folks,
    If this is in the wrong place, apologies in advance!

    OK quick summary...
    Last year we set-up a powerboat club. We are affiliated with the ISA (Governing body for boating in Ireland) and all is hunkey dorey, EXCEPT that our bank account isin't in our clubs name.

    At the time, the treasurer set-up an account in her own name (personal account) just as a way to get the ball rolling. Now we're getting more memberships and need to get an account in the club's name.

    We have a committee and an AGM where a treasurer is elected each year.

    Can anyone give us an idea how we go about this? We're not sure if we need to register the club with revenue or what before we can open bank account in the club name. We're a non-profit club and turn over less than €1k a year.


    Thanks a lot folks

    As far as I'm aware, there is no need to "register with the revenue"

    Choose which bank you want to open the account in and then get the forms - they have specific forms for Club accounts which will detail the type of documentation they look for. Note that for AML purposes, they may look for proof of id for all of the committee members


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    #3
    oldyouth
    Closed Accounts Posts: 4,754 ✭✭✭oldyouth


    In a similar situation OP. We have an account that is going 3 years with NIB but they are going 'cashless' this summer, so we are moving. Not many wanted our business but we are going with Permanent TSB. They do charge warying amounts for lodging cash, in addition to management charges, so ask about them. They also have internet banking so your treasurer can monitor all the comings and goings

    The will need to see photo ID for anyone authorised to write cheques etc. and they will want to see the Articles of Association (which is basically your set up, rules & regulations)


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    #4
    JohnCleary
    Registered Users Posts: 10,207 ✭✭✭✭JohnCleary


    oldyouth wrote: »
    In a similar situation OP. We have an account that is going 3 years with NIB but they are going 'cashless' this summer, so we are moving. Not many wanted our business but we are going with Permanent TSB. They do charge warying amounts for lodging cash, in addition to management charges, so ask about them. They also have internet banking so your treasurer can monitor all the comings and goings

    The will need to see photo ID for anyone authorised to write cheques etc. and they will want to see the Articles of Association (which is basically your set up, rules & regulations)

    That's funny, we're with PTSB and the lady said we have to 'Register with the Revenue' before we could set up account in clubs name. Was she talking pie-hole?


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    #5
    homer911
    Registered Users Posts: 5,113 ✭✭✭homer911


    Perhaps they were referring to VAT registration. However thresholds generally apply, and membership fees are generally VAT Exempt.


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    #6
    rameire
    Registered Users Posts: 4,126 ✭✭✭rameire


    try your local credit union, they deal alot with clubs and joint accounts for associations.
    also they are open longer and weird hours which will be benificial for getting cheques and cash out. as you will need multiple signatures for these.

    🌞 3.8kwp, 🌞 Split 2.28S, 1.52E. 🌞 Clonee, Dub.🌞



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    #7
    oldyouth
    Closed Accounts Posts: 4,754 ✭✭✭oldyouth


    JohnCleary wrote: »
    That's funny, we're with PTSB and the lady said we have to 'Register with the Revenue' before we could set up account in clubs name. Was she talking pie-hole?
    Ours is a supporters club (The Mighty Wexford Youths) and don't actually sell anything or provide services. Basically we collects funds for membership, buy flags, subsidise bus travel to games etc. Perhaps that is why we don't need to register with the revenue. I know they initially said they don't do club accounts until I informed them I do all my personal banking there


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