Setting up a bank account / changing bank signatories

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To apply for Financial Affiliation, clubs must set up a not-for-profit bank account registered in the name of the club. This bank account must require a dual authorisation process for purchases, and the club must maintain at least two current executive members as signatories (i.e; at least the President & Treasurer) at all times. New Clubs/Associations are typically required to sign up for an NAB Community Fee Saver Account, however may alternatively set up a similar not-for-profit bank account with the prior written approval of FUSA’s Clubs & Events Officer (or delegate).

The process below outlines the standard process for setting up bank accounts/changing signatories, however depending on your bank and type of account, this process may differ. It is strongly recommended to call the bank in advance to book an appointment and confirm their process.

To set up a bank account, the club must first hold a General Meeting (typically Annual General Meeting) and pass a motion of the club membership to establish a bank account. The motion must specifically describe the type of account and signatories, e.g:
“The Flinders Fake Society agrees to establish an NAB Community Fee Saver Account and list the following members as signatories:
– Bill Potts, President
– Clara Oswald, Treasurer” 

If changing the signatories, the motion must specifically describe the account, the signatories to be removed, and signatories to be included, e.g:
“The Flinders Fake Society agrees to make the following changes to the signatories in its NAB Community Fee Saver Account:
To be removed as signatories of the account:
– Bill Potts, outgoing President

– Clara Oswald, outgoing Treasurer
To be included as signatories of the account:
– Hermione Granger, incoming President
– Ron Weasley. incoming Treasurer”

Within the meeting’s minutes, it must be clearly recorded that the Motion to set up the account/change signatories was passed.

The incoming and outgoing signatories (where applicable) will typically be required to bring the meeting’s minutes, club constitution (if setting up the bank account for the first time) and 100 points of identification (if a new signatory) to the bank to set up the account/change signatories. If changing signatories for an existing bank account, you will also usually need at least two previous signatories present to update the signatories. You may need to book an appointment in advance to set up or make changes to your account, and consequently is once again strongly recommended to call your bank in advance to determine the process.

 

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