Banking trade association UK Finance has launched a website to support charities opening and managing bank accounts after many reported experiencing difficulties with financial services.
UK Finance announced plans for a guide earlier this year after 42% of charity trustees responded to a survey saying they had experienced bad service from banks in the previous 12 months.
The new website features a free account finder tool, step-by-step guide and frequently asked questions to help charities find the best account for their needs.
UK Finance said the site launch is the final step of its project aiming “to deepen understanding of the specific issues felt by charity bank account customers”.
“The site provides voluntary sector organisations tailored guidance to help work out their organisation structure, decide on their banking needs, and ensure they have everything they need to open and maintain their account,” it said.
The Charity Commission for England and Wales has welcomed the new online tool as a way of helping charities engage successfully with their bank with its own feature on charity banking, published on Tuesday 23rd July 2024.
Sam Mercadante, Policy and Insight Manager at the National Council for Voluntary Organisations (NCVO) commented:
“We’re glad to see UK Finance taking steps to address a significant barrier for charities and demystify what should be a straightforward task.
“The challenges faced by charities in accessing banking services are widespread and affect organisations of all sizes. The structural requirements of charities often don’t align with the way banking services are designed, leading to disproportionately difficult requirements for those managing relatively small amounts of money. Many charities also find themselves excluded from a range of banking products, highlighting the need for ongoing work in this area.
“We hope this initiative marks the beginning of a collaborative effort involving government, banks, regulators, and the voluntary sector to find practical solutions. Charities need to access banking services seamlessly, and banks have a crucial role in ensuring their services are inclusive and accessible to all.”
UK Finance’s Voluntary Organisation Banking Guide can be found at this LINK.
Source: Civil Society News