Bank accounts

You'll find below information about:

Unity Trust Bank

Woodcraft Folk is transferring from Co-op Bank to Unity Trust Bank and, ultimately, all bank accounts will have to be with Unity Trust Bank.

If you currently bank with the Co-op Bank, you should expect to receive guidance from Folk Office on transferring to Unity Trust Bank in due course.

If you don't yet have a bank account or you bank with someone other than Co-op Bank, you must open a bank account at Unity Trust Bank (and close any existing account). Please contact info@woodcraft.org.uk for more information.

Changing a signatory for an existing Co-op Bank account 

If you already have an existing Co-op account and wish to change one or more of the signatories, you must complete a 'Change of Signatories form' which is from the Co-op bank website. Please complete the form to the best of your ability and return to the Co-op. In addition to submitting this form to the bank you'll also need an authorisation letter from Folk Office who will confirm that the new signatories are members of Woodcraft Folk. If some of your existing signatories are no longer available to complete the relevant sections of the form please contact info@woodcraft.org.uk who will be able to help you with this. 

Closing Co-op Bank accounts

How to close your account 

You can easily close Co-op bank accounts using one of the forms available at https://www.co-operativebank.co.uk/business/help-and-support/managing-your-account/useful-forms

There are different forms to cover different reasons for closing the account. For example there's a “No longer trading” form (https://www.co-operativebank.co.uk/assets/ns/bank/pdf/business/customerservices/business-account-closure-form-No-Longer-Trading.pdf). You're free to choose the form that you think most suitable. 

Using the form you can get the balance transferred to another account.

You need your normal signatories to authorise the closure, so it’s best to do this whilst they are around.

Once the form is complete, send it to the address on the form (NB: the address may be in very small letters at the end of the form).

Advantages of closing dormant/quiet accounts

There are some clear advantages to closing dormant/quiet accounts:

  • Co-op Bank is now charging for charity accounts (the charges go to Folk Office instead of the local districts - it helps Woodcraft Folk to reduce these costs).
  • Having fewer accounts makes the annual financial return, at the end of the year, simpler because there are fewer accounst to consolidate.
  • It reduces the risk of losing touch with signatories, which can happen when a long time passes after an account becomes dormant. (NB: if signatories can't be contacted, it can cause complications when the account is closed, even if the account has a zero balance.)

After closing the account

After closing the account you should receive a final bank statement confirming closure. You'll need to send a copy of this with the annual financial return at year end.

If you've any questions relating to the above please do not hesitate to contact info@woodcraft.org.uk.