Overview
All bank accounts must be in the name of the board of management and addressed to the school address. It is recommended that the number of bank accounts be kept to a minimum to ensure more efficient control and to minimise costs. All bank accounts shall be used solely for the school’s banking requirements. All monies received by the school shall be lodged in the main school bank account which shall be registered in the name of the board of management.
Boards of management should implement and use electronic banking ensuring it operates within the requirements of the governance document of the board of management. There are a range of payment methods available to the board of management including cheque, direct debit, credit card, credit transfer, etc.
It is not permissible for the board of management to use debit cards for school expenditure as use of a debit card does not comply with the requirement for two authorisers for all school expenditure
Further Guidance