Loomio
Sun 1 Jan 2017 4:28PM

Bank account

R RobJN Public Seen by 35

We need a bank account. The aim is to do research now, pick a preferred option and get this approved by the voting members at the first general meeting.

I have started the research - please help :-)
https://docs.google.com/document/d/1Y9UgDUvcjoCXf5Q-rs5AGc2gZwlnmVvr3vRNlO2UNhs/edit?usp=sharing

JN

Jez Nicholson Tue 17 Jan 2017 10:19AM

The terms apply to anyone wanting to operate the account. The bank only allows named individuals to do anything. So, if someone is elected to the board who doesn't meet the criteria (18-plus, no CCJs in last 6 yrs, etc.) then they would be rejected by the bank when we request to add them as a signatory. This doesn't exclude them from becoming a Director.

R

RobJN Tue 17 Jan 2017 3:25PM

My reading of it was all directors not just signatories. This is for account set up and doesn't mention a need to do this every time we change directors (that would seem excessive).

JN

Jez Nicholson Tue 17 Jan 2017 4:28PM

I can't claim full knowledge....and do you really believe that a bank wouldn't have a rule that is excessive ;)

R

RobJN Thu 16 Feb 2017 11:28PM

It's certainly something to be aware off. Any sale would have to protect customers and one would hope that the new owner would maintain the terms of existing customers for as long as possible. Could they drop the zero monthly fee account retrospectively? Not sure.

JH

Jon Harley Fri 17 Feb 2017 9:03AM

They probably could, but they'd be mad to start antagonising existing customers - they have been losing customers in the last couple of years which is a big part of their problem. My guess is a new owner (if they succeed in finding one) would keep the ethical investment policy and offer some good deals for a while, to rebuild market share.

(Have been watching closely in the last few years as SpiffyMap Ltd banks with the Co-op.)