The United Kingdom’s ICAEW is calling for ‘urgent action’ to deal with the banking challenges that charities face in their day-to-day operations.
Failings in the banking system mean many charities do not have access to adequate banking services or their experiences of bank service fall woefully short.
Some charities have had their accounts closed without warning, causing them to miss out on grant funding, unable to pay staff and struggling to function normally at a time when their services are under extreme pressure.
Commenting on this, ICAEW head of charity and voluntary sector, Kristina Kopic, said: “We hear regularly that charities, particularly smaller and unincorporated ones, are facing a myriad of obstacles with their banking needs.
“These include the reluctance of high street banks to offer accounts with appropriate internal controls, freezing of accounts due to identification issues, inadequate customer service, high charges and lengthy delays in implementing new mandates.”
According to a recent survey by the Charity Commission, 42% of 2,500 charities have experienced banking problems, including having accounts frozen without warning and difficulty opening new accounts.
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