Bank account for residents association

[DannyBoyD]

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

Local CU not helpful either.

Any suggestions?

 

[jpd]

We opened one with PTSB some years ago

 

[Protocol]

Our RA has an account with BoI.

 

[Zobeda]

After some badgering (not too much) our local CU did the honours.
Maybe persist with them a little more?

 

[peemac]

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

 

[Dr Strangelove]

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.

 

[Freelance]

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.

 

[DannyBoyD]

Thanks folks - anyone done this more recently - in the last 12 months?

 

[DannyBoyD]

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 wonder could we use paypal in the same way?

 

[Dr Strangelove]

paypal

My personal experience of their customer service was dreadful.

It also doesn’t solve the issue of what to do with cash.

 

[DannyBoyD]

My personal experience of their customer service was dreadful.

Seems to be endemic

It also doesn’t solve the issue of what to do with cash.

Don't think that will be an issue.

 

[peemac]

@DannyBoyD sent you a pm with a Sum-up presentation I created for clubs in an area I'm involved with. Should work very similar for a resident assoc.

 

[kjinks]

@DannyBoyD sent you a pm with a Sum-up presentation I created for clubs in an area I'm involved with. Should work very similar for a resident assoc.

peemac I would be interested in that presentation as well

 

[peemac]

peemac I would be interested in that presentation as well

I'll send you a pm later with the file

 

[stellub]

@peemac - i would love to see that preso too. Our Parent/Teacher Association for our local school is trying to get setup on Sum-up!