Bank account with more than one signature or several people involved?
In the past and currently I am involved with many businesses, clubs and voluntary organisations, which involve my either becoming or being removed as a signatory, and in most cases having internet banking.
I find it nearly impossible to be removed from the internet banking. In one extreme case I have a now had to put a complaint to the Financial Ombusman because of a banks refusal to remove me as a signatory from my ex-employer (left 2008), and removal of my internet banking access (which I use for other business accounts with the same bank).
Before I left the employment, I completed forms which the bank say they don't have, and the bank wants me to start again, completing new forms which I then have to take to my ex-employer and get them to complete them too. I (not my ex-employer) then have to send them with a copy of my passport or driving licence to the bank and then they may remove me etc.
I still receive statements for bank accounts which have not had any money in for several years. The money was withdrawn (using my predecessors telephone banking facility) and paid into a new account with another bank, using the current officers of the organisation. The bank will not close these accounts (or make them dormant), unless I write a letter signed by the (2 to sign) signatories on file. I don't know who they are, and of course the bank will not tell me either.
In 2009, I helped a local charity for 9 months by becoming the treasurer. One account (only 2 people named as signatory) - I completed new paperwork to change the address to my address and it took 3 months to get the person (who had resigned "suddenly") to sign to agree to be removed. Due to the consititution, when the new treasurer was elected early 2010. Before handing over I contacted the bank as I had not received any statements. I was told they had rejected the paperwork and not processed it, as the address on the paperwork (my as treasurer), was not the same as the address at the Charities commission, (the charities treasurers address). This is now the new treasurers problem to sort out!
I took over a clubs accounts as treasurer, to find that everytime the club had a new treasurer (every 3 years), they would also have to open new bank accounts as they found it impossible to update or change the existing bank mandates etc. This was because the other officers had changed on more than one occassion since the account was open, and they did not know who the officers were that were recognised by the bank. When someone leaves an organisation, if the are recognised by the bank as one of the officers, not only do you need to provide full details of the person to be removed (including signature), but you also need full details of the others as the banks existing mandate. That's often where the problem lies - the existing mandate, which is often out of date. Once it is out of date it seems to be impossible to get it up to date.
Have you also had problems? What solutions have you had, apart from starting again by opening a new bank account? I would be interested to know if its a widespread problem, or is it just me?
- CIS Subcontractor Catch Twenty Two Position after 14 years 205 3
- So who has completed a 2015 tax return then? 603 13
- How do we get US withholding tax back? 230 4
- JUDGE FRAUD ALERT 311 4
- Closing my business down 96 4
- What do you all do in your spare time? 851 34
- New ACCOUNTINGQUESTIONS website launching 308 6
- VAT on long lease in comercial property that has opted to Tax 192 6
- Director - earning less than £8500 and no taxable benefits - PllD? 120 1
- Scams are not always obvious 2,243 36
- Auto Enrolment - Director Only Answer 1,472 21
- VAT flat rate scheme 118 1
- Can I record depreciation, prepayments and accrued expenses in cash accounting? 295 4
- Need some help on importing procedures and VAT 92 1
- I have let a client go as it wasnt worth the hassle, 2,098 19
- TaxCalc - A Return to Form 417 6
- Should a non trustee sign Scottish charity accounts? 160 1
- FPS or EPS 176 2
- Continuity of Practice 229 2
- IRIS Professional Yearend 148 2
- Moving away from CCH software 956
- QROP pension input amounts 442
- write off loan or loan to equity swap or both 385
- HMRC BENCHMARK EXPENSES 359
- fraud 288
- EIS relief on transferring shares to spouse 262
- Sole trade business in UK, but the owner works from EU 230
- Construction CIS LLP Company 215
- EPS and CIS deductions 202
- Out of time or not? 183