Online Banking Policy

Document Date

20/07/2022

Created by

N/A

Category

Policies

Accessible version of document​

ONLINE BANKING POLICY

Adopted June 2021
Reviewed January 2022 

The purpose of adopting an Online Banking Policy and Protocols is

to enable the Council to make online payments, protect the Council’s funds and prevent the possibility of fraud.

GENERAL POLICY AND PROTOCOLS

  1. The Clerk and at least 6 members of Bozeat Parish Council will be set up as signatories on the Council’s bank account.
  2. The Council’s bank account will require 3 authorised signatories to set up and release payments and transfers between accounts.
  3. No payments will be made in between meetings unless they are considered by the Chairman and Clerk to be urgent and cannot wait until the next Council meeting. All members of the Council will be emailed to advise that such payments have been made.
  4. The Clerk will prepare online payments and transfers between accounts in line with Finance Reports that have been approved by the Council at a meeting and recorded in the minutes as such.
  5. At each meeting, the required number of authorised signatories will be organised to authorise the payments and transfers between accounts for that month.
  6. After the meeting has taken place, each of that month’s designated authorised signatories will access the Council’s online account and authorise the payments and fund transfers.
  7. All authorisations will take place outside the meeting and the authorised signatories will email or text the Clerk to confirm that they have completed the authorisation process so the progress of the payments and fund transfers can be monitored.
  8. All approved payments will be authorised no later than 3 working days after the council meeting at which they were approved, unless the payment is to be made on a date after this period with the agreement of the recipient.
  9. The Clerk will not act as one of the authorised signatories at any time except in exceptional circumstances, as agreed by the council.
  10. Should any member who is an authorised signatory for the council’s bank account/s resign from the council, the Clerk is authorised to notify the bank in writing as soon as she learns of the resignation of any authorised signatory from the council.

URGENT PAYMENTS

  1. If the Chairman or Clerk becomes aware of an invoice which needs to be paid as a matter of urgency, details of the payment will be emailed to members and consent sought to raise the payment.
  2. Should a payment need to be made at a time when the Clerk is not available, a member of the Finance Working Party should seek authorisation from the Chairman to set the payment up and contact 3 other signatories to authorise it.