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Online Banking Dual Authority

by Paul Hanmer on 13.12.2011 06:12

I am involved with a small registered charity (turnover below £50,000) which has had conventional banking facilities with Lloyds TSB for many years.

The incoming treasurer wishes to switch to online banking for a number of valid reasons. Initial enquiries seem to suggest that Lloyds do not offer the dual authority system for making payments. This is recommended by the Charity Commissioners in their publication Internal Control for Charities CC8.

We are reluctant to move away from Lloyds because much income is received by long-standing standing order donations.

Has any member here had experience with dual authority internet banking; with particular regard to charities?

Paul