Morning Wheel, I need to set up a bank account for a charity . What type of account is best? Also who's name would be allowed on the account? I believe two names are best.Can you please advice?Thanks,Hope
Hi Hope, there are no rules as to what the bank account should be named, it’s up to you in discussion with the bank officials. There are no rules on the number of signatories, but it would be good practice to require two signatories to spend any money. There is nothing that says who should or shouldn’t be either the name on the bank account or one of the signatories, however transparency and accountability should be borne in mind so that the “outside world” can be reassured that the funds will be used only for the purpose for which they were given. Therefore, for example, if a signatory is directly involved with a beneficiary, e.g. related, it would be apropriate that the second signatory should be someone completely removed from that relationship.Regards,Eva
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Hi Hope, there are no rules
Hi Hope, there are no rules as to what the bank account should be named, it’s up to you in discussion with the bank officials. There are no rules on the number of signatories, but it would be good practice to require two signatories to spend any money. There is nothing that says who should or shouldn’t be either the name on the bank account or one of the signatories, however transparency and accountability should be borne in mind so that the “outside world” can be reassured that the funds will be used only for the purpose for which they were given. Therefore, for example, if a signatory is directly involved with a beneficiary, e.g. related, it would be apropriate that the second signatory should be someone completely removed from that relationship.Regards,Eva