Bank account for residents association

D

DannyBoyD

Registered User
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Unincorporated Residents Association encountering difficulties with opening bank account; money laundering legislation being quoted.

Local CU not helpful either.

Any suggestions?
 
After some badgering (not too much) our local CU did the honours.
Maybe persist with them a little more?
 
I've suggested to several clubs to look at Sum-Up - can act as a bank account and you can also collect fees by credit/debit card.

apart from 1.69% card fee, no other fees apply. PM me if you want a file outlining the steps
 
I would be wary of full reliance on an electronic money institution not least because they won’t handle cash which is hard to avoid for a residents’ association.

I would persist with a retail bank or CU.
 
Opened a RA (unincorporated) current a/c with AIB 6/7 years ago. They required names and addresses of officers and signatories. For those who were existing AIB customers, AML approval was automatic. For the remainder basic AML docs had to be provided. It took a bit of coordination between myself on behalf of the RA and the AIB staff member dealing with it. It took approx 2 weeks to get it all sorted. No big deal to be honest.
 
peemac said:
I've suggested to several clubs to look at Sum-Up - can act as a bank account and you can also collect fees by credit/debit card.

apart from 1.69% card fee, no other fees apply. PM me if you want a file outlining the steps
Click to expand...
I wonder could we use paypal in the same way?
 
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