Delivering for our Student Groups with a Bank of SUSU (1314P16)
Status: Active | Zone: Democracy
Passed: 14/05/2014 |
This policy was discussed at the following meetings:
- SUSU recognises 295 student groups as of 7th March (1), one of the highest numbers of groups of any students’ union nationally (2).
- A large proportion of our student groups operate a current account with a retail bank.
- Student groups’ widespread dissatisfaction with the customer service standards of retail banks.
- The leasing of cash recycling equipment by the Union, approved by Finance Sub-Committee on 17th December 2012 and by Union Council on 4th February 2013(3).
- The confirmation at SUSU Trustee Board on 25th February 2014 that one student group, unable to open a UK bank account for legal reasons, ‘would be able to obtain funds from the cash recycling equipment’.
- The students' unions at Leeds (4) and Sheffield (5) offer current accounts to all student groups.
- We should take every opportunity to demonstrate our commitment to, and the extent to which we value, the student groups which make our Union distinctive.
- One such opportunity is to offer current accounts to all student groups by establishing a ‘Bank of SUSU’.
- A Bank of SUSU is a perfect opportunity to develop a service which competes with those of the very best students’ unions.
- Our cash recycling equipment is sufficient physical infrastructure for a Bank of SUSU, as evidenced by one student group’s current usage; its organisational infrastructure will take time to develop.
- A Bank of SUSU should be a service of the highest possible quality, and a compelling alternative to retail banks.
- To establish a Bank of SUSU which offers current accounts to all student groups.
- A Bank of SUSU should be a service of the highest possible quality: enabling groups to deposit, withdraw, and transfer funds (including by Direct Debit and Standing Order); offering 24/7 online access, and physical access for as many hours as is reasonably practicable; and launching in phases to ensure its organisational infrastructure is fully developed.
- A Bank of SUSU should be a compelling alternative to retail banks: developed in partnership with student groups; with the principle of excellent customer service at its heart; and incorporating robust safeguards against operational, legal, and other risks to SUSU.
- To phase the launch of a Bank of SUSU on a Zone-by-Zone basis across the academic years 2014/15, 2015/16, and 2016/17, or sooner at the discretion of SUSU Trustee Board.
- The VP Democracy and Creative Industries and Union President to create a business plan for a Bank of SUSU in line with Resolves 1 – 4, and to present this to SUSU Trustee Board in the academic year 2014/15.
-  Democracy Zone Committee report: Updates on student groups affiliations and funding. This total is likely to increase further at the Student Groups Committee on 9th May.
-  This topic is the subject of much friendly rivalry within the students’ union movement, and whilst a comprehensive set of figures is difficult to determine, as of 1st May:
- Sheffield has 366 groups (); Nottingham has 317 groups (); Leeds has 293 groups (); Exeter has 253 groups (); Cardiff has 235 groups (); Newcastle has 234 groups (); Reading has 162 groups ( ); Hull has 149 groups (); Bath has 146 groups (); Loughborough has 140 groups (). SUSU therefore seems to compare very favourably against the national picture.
-  Union Council proposal: Implementing an Automated cash counting system