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 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).

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 is passed. The incoming/outgoing signatories will then 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 incoming) to the bank to set up the account/change signatories.

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