Handing Over a Club/Society Bank Account

At the end of the year, an Annual Financial Report must be presented at your club/society’s AGM and submitted to your Groups Hub. 

Outgoing Treasurers should meet with the new Treasurer as soon as possible to handover all financial records and documents. If appropriate, this should include an asset list/inventory.  

It is extremely important to organise the handover of the club/society’s bank account. As accounts must have at least 2-3 signatories, the outgoing and incoming Presidents and Vice-Presidents may have to be present at this meeting as well. 

If you have a bank account: 

Contact your bank in good time to find out their procedure for swapping signatories. 

Often, banks will require current signatories of an account to complete a ‘Change of Signatories’ form or to write a letter confirming the handover and the details of the new signatories. They may also ask for evidence (minutes) of a meeting confirming the handover. 

Changing signatories could take a number of weeks, so it is important that this meeting is held in advance of the end of the academic year, before any committee members leave or graduate. The bank may need to still contact all individuals directly or carry out certain checks and procedures. They will contact you when your new signatories can start signing on the account. 

If you have a Money Hub account: 

Go to your Groups Hub to update your committee using the ‘Manage Committee Members’ tab, then select the appropriate signatories in the ‘Edit Settings’ tab.