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Club Tips - Tired of driving across town to get a cheque signed?
This is the case for lots of clubs. Most clubs operate a two signatures required account, which means you have to go and find the other signatory just to get a cheque issued, right? Wrong! there is another option.
Not only is inconvenient to get a cheque signed off, but cheques in general have other problems too. bank fees, lost in the post, not presented, and the list goes on.
So what is the alternative? Well pretty much every bank in NZ has online banking, and most of them have multiple signatories options.
A multiple signatory option means that at Sprint Nationals I can setup payments for the canoe hire to clubs, and Lara (who is just completing the final turn in her 1500m final) can whip her iphone out of her back pocket, sign into kiwibank and authorise the payments, before her team even crosses the line.
Well, its not quite like that in reality, but you get the general idea. One person to setup payments, one person to authorise, and you can do it from pretty much anywhere.
So what are the benefits?
1. cost saving - (bank fees for electronic payments are cheaper)
2. cost saving - (no need to post the cheque in the mail)
3. time saving - (no more tracking down people and getting them to sign a cheque)
4. time saving - the person receiving the money can easily identify the payment on their bank statements.
5. time saving - no more trips to the bank to deposit cheques
Unfortunately I don't have time to research each bank and tell you which banks support multiple signatories and the fees involved.
But I do know that it was free with my clubs KiwiBank account back when we set it up. (I am not sure if it still is now). All we had to do was supply proof we are a not-for-profit organisation.
Now I don't expect everyone to switch banks based on this article, but at least go and have a chat to your existing bank and see what options they have for your club.
One last time saving Tip
If you use high interest call accounts (the type where you can only drawdown to your main account), make them single signatory only. By doing that you won't have to get authorisation to transfer money from your savings to your main club account.
Now go and save your club some time & money!
--
If you find this article useful please let me know and I might write up some more articles.
Any questions, comments, feedback to [email protected]
So what is the alternative? Well pretty much every bank in NZ has online banking, and most of them have multiple signatories options.
A multiple signatory option means that at Sprint Nationals I can setup payments for the canoe hire to clubs, and Lara (who is just completing the final turn in her 1500m final) can whip her iphone out of her back pocket, sign into kiwibank and authorise the payments, before her team even crosses the line.
Well, its not quite like that in reality, but you get the general idea. One person to setup payments, one person to authorise, and you can do it from pretty much anywhere.
So what are the benefits?
1. cost saving - (bank fees for electronic payments are cheaper)
2. cost saving - (no need to post the cheque in the mail)
3. time saving - (no more tracking down people and getting them to sign a cheque)
4. time saving - the person receiving the money can easily identify the payment on their bank statements.
5. time saving - no more trips to the bank to deposit cheques
Unfortunately I don't have time to research each bank and tell you which banks support multiple signatories and the fees involved.
But I do know that it was free with my clubs KiwiBank account back when we set it up. (I am not sure if it still is now). All we had to do was supply proof we are a not-for-profit organisation.
Now I don't expect everyone to switch banks based on this article, but at least go and have a chat to your existing bank and see what options they have for your club.
One last time saving Tip
If you use high interest call accounts (the type where you can only drawdown to your main account), make them single signatory only. By doing that you won't have to get authorisation to transfer money from your savings to your main club account.
Now go and save your club some time & money!
--
If you find this article useful please let me know and I might write up some more articles.
Any questions, comments, feedback to [email protected]
