If your Institute uses Bank of Scotland's 'Treasurer's Account' it will soon be moved to a new paid-for version at cost of £4.25 a month.
Lloyds Banking Group, which owns Bank of Scotland, say they made the decision to “keep in line with the market” and this, of course, is out with the SWI’s control. However, as members have asked for clarity, here is some helpful information.
For FEDERATIONS - All Federations are unincorporated charities and are registered with OSCR. As each has its own charity number for Federation business activities there will be no change for bank accounts held by them.
For INSTITUTES - Most Institutes are not charities, so are not registered with OSCR – they are classed as community groups. The paid-for version of the bank account will apply and will be payable from January onwards.
There is an option to change your bank account to another fee-free bank see HERE for details. However, changing bank accounts is notoriously difficult, so if you wish to do this we recommend the Current Account Switching Service (CASS), which will close your old account and move money, Direct Debits and standing orders across within seven days.
The SWI recently took part in consultation on charities and banking, and we are keen to do what we can to support Institutes with information and guidance. The matter will be discussed with Federation Treasurers at the regular peer group meeting on November 20th.