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Do you need to set up a bank account?

Unless you are a brand new club or society, please exhaust all avenues to ensure that there is not an existing account for your group. There have been situations where bank accounts have been set up by past committees and then not handed over - and sometimes these abandoned accounts hold significant amounts of money!

It may also be worth considering Money Hub, particularly if your club or society does not make frequent online transactions and if most of your transactions are with SUSU. The key advantage of Money Hub is that the handover process from one committee to the next is much more straightforward, and funding from SUSU can be made directly into the account. The main disadvantage is the lack of a debit card, so a normal bank account might be more suitable if you make a lot of online purchases. If you are considering Money Hub and would like to know more, please contact activities@susu.org.

Setting up a bank account:

Please note that each club or society should only have a single account, either a bank account or a Money Hub account. 

Most banks will have a specific type of account for an affiliated club or society. Although SUSU does not specifically recommend any particular bank, SUSU itself banks with Lloyds. 

A club or society bank account should be in the name of the club or society as it appears on Groups Hub. It should never be in the name of an individual.

In many cases banks will require an introductory letter from SUSU before they can set up the account. If this is required, please contact activities@susu.org. They may also require evidence such as a constitution or AGM minutes as proof of committee.

An account must have a minimum of two signatories and these should always be current committee members. In most cases this would include the President and Treasurer. Clubs and societies must ensure that signatories are changed during the handover process. 

When setting up the mailing address, please use the full society name as it appears on Groups Hub, and the following address.

<Club/Society Name>

Student Activities Office

University of Southampton Students' Union

Building 42

University Road

Southampton

SO17 1BJ

You must never use a home address for a club or society account.

Once the bank account has been set up, account details must be registered on SUSU Groups Hub including the account name, sort code and account number. Please ensure these details are kept up to date as payments from SUSU will be made using these details.

 

Rules for bank accounts:

Any club or society bank account should be used solely for facilitating the club or society financial matters, club or society funds should never be accessed for personal matters and personal money should never be deposited in a club or society account under any circumstances.

Wherever possible, purchases made on behalf of a club or society should be made through the bank account through a signatory. However, requests from members for reinbursements should be facilitated by the committee, ideally with prior knowledge of any purchase. The best practice is to have the committee discuss and approve any purchases or reinbursements before they are made. If the whole commitee is unavailable, at least the account signatories and the Treasurer should be involved in any decisions regarding purchases or reinbursements. 

Club or society accounts must be presented to the committee and agreed upon at the Annual General Meeting.

If a club or society is going to disaffiliate from SUSU, we would expect the bank account to be closed and a discussion would need to take place within SUSU regarding the remaining funds. 

If a club or society has a bank account and chooses to join Money Hub, we would expect the account to be closed and the remaining balance to be transferred to the Money Hub account. 

 

Guidelines for bank accounts:

Clubs and societies should forecast their income and expenditure to ensure that the bank account never enters into a deficit or overdraft.It is highly recommended that clubs or societies do not have an overdraft facility or credit card linked to the account at all. The best financial practice is to plan ahead, and only spend what is in the account. 

Where possible, an outgoing committee should plan to provide a reasonable surplus to cover costs at the point of handover to a new committee, such as anticipated costs for Freshers Week. 

SUSU staff are experienced in dealing with financial matters for clubs and societies, and if you have any questions or need any advice, please contact activities@susu.org or visit the Activities Office (SUSU Building 42, level 2) and we would be very happy to help.