Opening a bank account for a new club - what is required?

atlantean

I am involved with a new not profit making club. We need to open a bank account to keep our finances in order.

What do we need to provide to the bank document wise?

I am guessing the procedure is somewhat different from that of opening a personal account.

LouOB

all parties need to go into the bank to open account
all id's req
all proof of address req
signed agreements on formation of club
outside of club activities
club accounts & signatories
copy of lease or rent agreemts - if any
if affliated with any other org - all documentation on that

basically everyone and everythiing - along with a competant bank official

atlantean

I see! Thanks for that!

Paddy_Whack

I am starting a new club and need something with an IBAN. I know of horror stores in dealing with mainstream banks. Is there any other option?? Revolut and An Post have nothing to offer. Is there anything else? Need an account to link with Stripe.

JVince

https://www.boards.ie/discussion/comment/121866393#Comment_121866393

Sum-up

Can act as your "shop" and also as your bank. Option to have a debit card too.

Jim2007

https://www.boards.ie/discussion/comment/121866393#Comment_121866393

What you call horror stories are the application of MLA rules and regulations and they apply equally to any reputable financial institution you would want to consider using. The reality is that operating such accounts is time consuming with little chance of a profit, so financial institutions either restrict their offering for such clients or simple don't provide any services at all.

If you set out in detail the minimum services you need, perhaps someone can suggest something that at least has a high chance of success after going through the MLA process.

Paddy_Whack

https://www.boards.ie/discussion/comment/121873692#Comment_121873692

But do l get an IBAN?? I need it for Cycling Ireland transfers via Stripe.

Paddy_Whack

https://www.boards.ie/discussion/comment/121874411#Comment_121874411

Thanks for the reply. What l mean by horror stories, from a voluntary group, is the hassle at having to go into a branch, wait in line to be seen, go through a eam of paperwork to set up an account, require many visits to said bank in the future, resulting in time off work and so on. And maintenance fees that aren't linked to usage, set fees, and considerably high fees to boot! Its painful!

All l need is some sort of account that will geive me an IBAN. I have given up on an online account that doesn't incur excessive charges!

JVince

https://www.boards.ie/discussion/comment/121874617#Comment_121874617

PM sent that should show you how easy it is

Yes, IBAN, ability to make direct payments, ability to receive payment, ability to sell memberships, club dues, merchandise, ability to take card payments.

I use it for 2 different clubs I'm involved with. All done online incl verification. On one it has always been the way. On the other, we closed the bank account a year ago

Someone is the named person for the account, but club name is on the account.

https://store.sumup.com/en-ie/product-selection?cc_only=true

if you don't need a card reader go to bottom of page and click " I do not need card reader".