31st October, 2021
A majority of our Association members will be aware that the Association currently bank with HSBC (Witney branch). You may also know that as part of their rationalisation HSBC will be changing all Community (current) accounts to Charitable Bank Accounts, effective 1 November 2021. Part of the ‘charitable’ element of the new account will be to charge a £5 monthly account fee, 0.40% for any cash into or out of the account and a 40p charge for cheques into and out of the account. Of course, there will be no interest payable on the balance!
Based on our current transactions (in and out of the account) we will attract an annual charge in the region of £100. Several alternative options have been considered but each attract their own unique problem and/or cost. Whilst payments of subscriptions into the account by standing orders have no cost to the Association, payment of subscriptions by cheque do, and there are close to 100 members who use this method of payment.
In order to reduce the bank charges payable by the Association, we would be most grateful if members who currently pay by cheque would consider:
HSBC, 24 Market Square, Witney, Oxfordshire, OX28 6BG
Branch Identifier: HBUKGB4124W
Sort Code: 40-16-46
Account Number: 31334840
Account Name: RAF Administrative Apprentice Association
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