Managing your charity’s bank account involves more than just day-to-day transactions. Regularly reviewing your account information, user access and internal processes can help reduce risk, prevent avoidable delays and make everyday banking easier.
Here are some simple housekeeping checks to build into your routine.
1. Keep your account information up to date
When trustees, signatories, online banking users or cardholders leave your organisation, update your records as soon as possible.
Out-of-date information can make it harder to access support, approve payments or make changes to your account when you need to. Review your banking records regularly and let your bank know if any authorised individuals, account contacts or organisation details have changed. This should also include cancelling any cards held and ensuring that all financial records have been passed on.
2. Make sure the right people can authorise payments
Check that you have enough authorised users to approve payments if someone is away, unwell or leaves the organisation.
This can help prevent payment delays and reduce pressure on team members. It is also worth reviewing user permissions regularly to make sure people have access appropriate to their role.
Find out more about managing online users in our CAF Bank online banking user guide in section 4.
3. Never share login details or security codes
Each user should have their own online banking access and use only the credentials issued to them.
Do not share usernames, passwords, one-time passcodes (OTPs) or other security credentials with colleagues. Users should also use their own payment cards and banking credentials, rather than sharing them with others.
Individually controlled access helps protect your organisation, supports clear accountability and creates an evidential record of account activity.
CAF Bank will never request your PIN number, full password or One-Time Passcode.
4. Make sure key people have information they need
Users may need to complete security checks when contacting their bank about an account.
Make sure the right people know the telephone security information they need and understand your organisation’s banking processes. Store important information securely and keep it accessible only to those who are authorised to use it.
5. Review your internal financial controls
Strong financial controls can help protect your organisation from fraud, mistakes and inappropriate payments.
Regularly check that approval processes, separation of duties and payment controls are understood and followed. If your organisation has grown, changed its structure or introduced new ways of working, consider whether your existing controls are still appropriate.
Visit our Security Centre to learn how strong financial controls can help protect your organisation.
6. Use available security features
Cyber criminals often view charities and social purpose organisations as vulnerable to attack, so it is important to use effective security measures available to you.
Use strong, unique passwords, enable multi-factor authentication where available, and keep devices and software up to date. Back up essential data securely and help staff recognise common threats, including phishing emails and fraudulent payment requests.
To learn more about common online threats and how to protect your organisation, visit our Security Centre.
7. Document your important banking processes
Clear, up-to-date processes can help your charity manage its finances consistently, particularly when responsibilities change or a key member of the team is unavailable.
Consider documenting:
- Critical payments and their deadlines, including payroll and supplier payments
- Who is responsible for preparing and approving payments
- Key account contacts and authorised users
- Important contact details for your bank and other service providers
- Where authorised users can find relevant guidance and procedures
- How banking responsibilities will be covered during planned or unexpected absences
Review this information regularly and update it when people, responsibilities or processes change. Even a simple record can make it easier for colleagues and trustees to understand what needs to happen and who is responsible.
Make account housekeeping part of your routine
Good account housekeeping does not need to be complicated. Setting aside time to review your information, access arrangements and financial controls regularly can help improve security, reduce delays and make everyday banking easier.
For more fraud prevention and online security guidance, visit our Security Centre.
