WCVA concerned about banking challenges for the voluntary sector
As HSBC makes the decision to introduce new charges for charity bank accounts, WCVA and partners are working to support the sector during this difficult time.
WCVA is aware that charities and voluntary organisations have been experiencing a range of issues in relation to accessing banking services. This has included: problems with opening small business bank accounts, the closure of local branches, and issues with the suitability of accounts for charities and community groups.
Most recently, many organisations are being affected by HSBC’s decision to introduce new bank account charges for charities. From November the bank will charge a £60 a year fee to keep the accounts open and has introduced a range of other charges.
This is a difficult situation and we are concerned about the challenges it is creating for voluntary organisations in Wales. We would like to thank our members for raising the issue with us and want to assure you that we are taking action where we can to support the sector.
WCVA meets regularly with the Charity Commission and other umbrella bodies to discuss issues affecting charities in Wales, including access to banking services. With our UK partners, we also recently met with the Charity Finance Group and a number of representatives from the high street banks to discuss our concerns.
In the meantime, if your organisation is being affected, here are some resources that may prove useful (English only):
- Charity Finance Group Guide to banking for charities
- Guidance on opening a bank account from the Small Charities Coalition
- If you wish to find a new provider, Better Business Finance have a bank account finder tool which can be filtered for charities
You can also contact your local county voluntary council (CVC) to discuss your options. You can find the list of CVCs here: Third Sector Support Wales.
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