What bank to use for fundraiser?

F

Faithjm.

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Hi

I am about to start a fundraiser and wondering what bank to use?
Do they have special type of accounts for this type of thing or does it not matter?
Haven't had a chance to check around yet, thought someone here might know a bit about it.

Thanks
 
It might not be easy to open the bank account. And it is unlikely that a bank will open an account in your own name for this purpose.

You have made no mention of how your fundraiser will be structured. Will it be registered? Will it be a registered charity? Will it have a committee? Will the funds be held in a trust? etc. etc. All of these issues will have to be addressed before approaching a bank.

When all of this has been done, there are issues about how the funds will get into the account. Many fundraisers seem to give out a bank account number and a branch name and sort-code, and ask donors to pay into that account. This causes endless problems, as some banks can't handle this. If you do manage to open an account, discuss such things with your bank before proceeding to commence fundraising.
 
Gulliver said:
It might not be easy to open the bank account. And it is unlikely that a bank will open an account in your own name for this purpose.

If you do manage to open an account, discuss such things with your bank before proceeding to commence fundraising.
Click to expand...

A year or two ago I witnessed a guy losing his temper in a branch while trying to set up an account for a pilgrimage. The bank official explained to him that, if the account was not to be in his sole name, they would need some documentation to prove that organisation was properly constituted (e.g. chairman, board of officers) and that the signatories to the account were authorised to withdraw funds on behalf of the specified purpose.

He thought that because he was doing it as a 'good deed' he wouldn't be bound by banking law.

Go to a bank and ask them for what needs to be done.
 
Hi

Thanks for the info!!!! Not sure about the structure of the fundraiser, haven't had time to think. I've been extremely busy with caring for my child. All I know is I need to raise over $350,000. Just starting to think about how to begin.
I briefly asked at customer service in AIB, the girl just said I could probably just open an account in my own name.
Really not sure, I will go ask as soon as we get a break from hospital visits.
If anyone has any more info on this I would appreciate it!

Thanks!!!!!!!!!!!!!
 
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