Online banking - sporting body

stotheototheb

Hello,

Looking for some advice - recently got involved in a local sporting organisation as have some background in finance.

Currently the club has a business bank account with AIB, the current treasurer is elderly so has never set up online banking and relies on the bank statement coming once a month..... I inquired of AIB options and was told based on the basic business account i have only 1 online banking accounts could be set up (which is not ideal given segregation of duties and issues if the current treasurer retires any time soon!)

The alternative i was told was to pay €300 a year which would give access to multiple online users (as per the bank mandate) access to see acc balance etc.

Has anyone any experience of what other sporting clubs use primarily here as i would be surprised if all were paying out €300 a year in fees for this service, are any of the other lenders more accommodating in this manner?

Many thanks

westgolf

stotheototheb wrote: »

Hello,

Looking for some advice - recently got involved in a local sporting organisation as have some background in finance.

Currently the club has a business bank account with AIB, the current treasurer is elderly so has never set up online banking and relies on the bank statement coming once a month..... I inquired of AIB options and was told based on the basic business account i have only 1 online banking accounts could be set up (which is not ideal given segregation of duties and issues if the current treasurer retires any time soon!)

The alternative i was told was to pay €300 a year which would give access to multiple online users (as per the bank mandate) access to see acc balance etc.

Has anyone any experience of what other sporting clubs use primarily here as i would be surprised if all were paying out €300 a year in fees for this service, are any of the other lenders more accommodating in this manner?

Many thanks

AIB have an account type specially designed for charities and not-for-profits, you need to meet with the bank and ask for this option as it is not well known. Bit of work initially to set up but once operational very straightforward. I'm the treasurer of such an organization and quite happy with the setup.

stotheototheb

thanks for the reply, you don't happen to know the name of the type of account as just did a review of their website and not very clear!

rubberdungeon

stotheototheb wrote: »

thanks for the reply, you don't happen to know the name of the type of account as just did a review of their website and not very clear!

Some of the banks do bank accounts for charities and societies and you get free fees for the first two years.

Here’s Ulsterbank

https://digital.ulsterbank.co.uk/business/bank-accounts/not-for-profit.html

This might be the Aib one, I don’t know about fees

https://business.aib.ie/content/dam/aib/business/docs/products/current-accounts/business-current-account-unincorporated-entity.pdf

westgolf

stotheototheb wrote: »

thanks for the reply, you don't happen to know the name of the type of account as just did a review of their website and not very clear!

Don't know the exact name on it, will look it up this evening and post. It's a new account set up form specifically forr bodies governed by constitution.

kala85

westgolf wrote: »

AIB have an account type specially designed for charities and not-for-profits, you need to meet with the bank and ask for this option as it is not well known. Bit of work initially to set up but once operational very straightforward. I'm the treasurer of such an organization and quite happy with the setup.

Does it have all the same functionality of normal business banking?

What are the fees like?