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Community


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A one-stop forum for all your banking questions

Society Club Structure

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Occasional Visitor

Hi 

My friends and I have decided to open a society club with standard bank however when we visited our closest branch they suggested that we have an organisational structure (chairperson, treasurer, etc), however most members of the club have an issue with this. We fear that this structure might create some form of hierarchy, and other voices will be side-lined, instead we prefer a flat structure in our organisation. 

Is it compulsory to have a legal organisational structure to open a club account? Would the standard bank system allow us to open with designating any formal duties to any member, with leadership roles rotating among the members? Everyone would be a chance to be chair, treasurer or secretory.

I have a busy schedule, hence why I'm not going to the bank and posting on this community forum.  

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Community Coordinator

Hello @TuksZAR

 

It is important that you select 3 to 4 members to sign for this scheme account. You will notice that by law this is the requirement when opening the Society Scheme Account with the bank. This has nothing to do with your society rules and regulations as you can change the designators at anytime if you wish to do so. 

 

Please follow the provided link to know more about this: http://www.standardbank.co.za/standardbankMobile/personal/Banking/Savings-and-investments/Society-Sc...

 

Let me know if this was helpful.

 

Regards,

Boitumelo

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