Banking Double Signatures

The model rules from the Office of Fair Trading for banking include a clause on double signatures. 
For cheque accounts this means two signatures on  a cheque .
All cheques are need to be documented in the committee meetings so a clear audit rail of transaction can be established.
Here is more details for online banking.

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Online banking.

This is how I think you can get double signatures at the Commonwealth bank Netbank. 
The big 4  banks (CBA,NAB,ANZ,WBC) follow this procedure. 
The same procedure is used for the minor banks and credit unions.

Standard Two Signature

Having two signatures lessens the risk of illegal transactions to officers of Garden Club.
Scams are becoming more sophisticated and prey on unsuspecting customers.

Two Signatures online 

Two or more committee members are authorised as online signatories to the clubs accounts.
That doesn't mean you have to be at a branch to do the transaction.
Normally this is done on the home computer using internet banking facilities.
There time limit for the transaction to be completed in the same manner as buying a ticket for an event.
This can be a couple of hours depending on the banks regulations.

Step 1 decide that an electronic payment is required and set up authorisation with the bank.
That means two or more committee members need to be registered to view the Clubs' bank accounts.
The normal 100 points is needed to be a registered customer. Usually the committee member visits the bank and fills in registration forms.
Registration often takes a couple of days to be processed.  Usually the  President, Secretary and Treasurer are registered with the bank.
This is the same process as for a cheque account.
If you are a customer of the bank then this step is not required and you can use your bank ID.
The cheque account can be used as the online bank account. 
Once registered as a banking customer with a banking ID the bank can then give you access to view that account online. 
If you have sub accounts then you will  need to assign access identity to each account. 
A separate set of identities is possible when there is a admin account and an event account.  Useful for sub branch activities.

Step 2 two Netbank customers have to approve a transaction. Treasurer, Secretary, President or Vice President. 
They must know online banking.
You can get 4 customers registered so that 2 can be out of town. say customer A B C D

Suggested transaction strategy online.

Step 3 send an email saying will do a transfer the same process as with customer say A and D doing the transaction.  B and C are nor involved.
Step 4 A sets up the payment as a normal electronic transfer Name, Amount, BSB bank account etc
Step 5 A then phones/emails on mobile phone to D and confirms that he has made the payment request.
Step 6 D logs onto Netbank and confirms the payment.
It comes up as a pending transaction on D's screen.
He has say 30 minutes or so to confirm this transaction
Step 7 Transfer goes through once pending button is acknowledged
Step 8 if confirmation is not validated within 30 mins the transaction goes stale. No charge.
Not sure on the 30 mins time limit could be more or less.
No new account is needed. Works with current Garden Club account.
No need to change the constitution.
No extra charges for  this service.

Credit card purchases

The Square or similar process for collecting payments at a show.  Others are Zeller or the 4 big banks credit card systems.
For  this explanation I will use the square system.
If you are registered with the Office of Fair trading you will have a registered GST account number.
You need the GST number to register the Square card system.
If the system is setup correctly then the clubs customer only needs to click his card on the square.
This allows the square system to collect money at the point of sale and transfer that money to the club's account the end of the day.
The square system allows the naming of the different types of transactions.
You can view the individual transactions and you can get summary totals.


Costs purchase of Square from $30 to $300 depending on options.
Monthly charge nil or $SIM card at $15 per month or $45 per month at the big banks.
Transaction fees 1 to 2% of money collected.


Increased likelihood of payment when customers doesn't hold cash.
Demanded by customer.
Increased sales value by 10 to 25%.

John Keays February 2022

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