Smart Banking for P&C Associations

Choosing the Right Bank for Your P&C

When selecting a bank for your Parents and Citizens (P&C) Association, it's essential to look beyond just convenience. The right banking partner can streamline operations, reduce costs, and support your organisation’s unique needs as a non-profit. Here are some key factors to consider during your research:

The Cost of having a bank account

Always confirm the fee schedule for any account (including ATM, transfer or international fees) and ask specifically if non-profits receive special concessions. 

Bank Transaction Fees: Compare what each account charges per transaction (ATM withdrawals, branch deposits, BPAY, etc.). Look for no-fee or low-fee options for functions the P&C are going to use on a regular basis, example bulk payments via an ABA file.

Monthly Fees: Check whether the account has a monthly account-keeping fee. Many banks waive these fees for non-profit organisations, which includes P&C Associations.

Cash and Coin Handling

Many P&Cs handle cash (from tuckshops or fundraisers), so convenient cash services matter. Choose a bank with nearby branches or Bank@Post locations for easy deposits and withdrawals.

Cash Deposits/Withdrawals: Does the bank have branches or business-friendly services in your area? Some banks offer after-hours deposit machines or business terminals. 

Coin Deposit Machines: A self-service coin counter can save hours counting change. For example, some banks often have coin machines allowing up to $5,000 in coins per day to be deposited directly into your business account

Account Signatories and Authorities

P&C committees often experience changes in their executive members, so it’s important to choose a bank with a straightforward process for updating signatories and convenient local branch access. At some banks, changing signatories can be complex and time consuming. In most cases, each new signatory will need to visit a branch at least once to verify their identity.

To avoid delays when changing signatories, have the following information and documents prepared in advance:  Minutes of Meetings: Prepare a copy of the minutes of the meeting where new signatories were appointed (with names exactly as on their ID) 

Plan for in-person ID checks:  even with online banking, most banks require signatories to verify identity at a branch. Having a local branch or relationship manager can smooth this.

Dual authorisation (two signatures) is typically required for P&C accounts. Most banks’ online systems allow one committee member or your bookkeeper to initiate a transaction, with another person authorising it later. However, the process varies between banks: some require a code generated by a physical token (often leading to multiple phone calls between signatories), while others require both parties to be online at the same time. We recommend choosing a bank where payment uploads and authorisations can be completed independently to minimise delays.

Debit Cards and Point-of-Sale Solutions

Having the right payment tools can simplify P&C finances. Ask if a business debit card is available on the account.  Under Queensland P&C guidelines, debit cards may be used for approved expenses (typically up to $1,000 per purchase) – though rules forbid using them for cash withdrawals.

EFTPOS Terminals: Some banks offer dedicated EFTPOS machines or mobile tap devices. 

Integration: If you use a Point-of-Sale system for the tuckshop or canteen, verify that your POS software can integrate with your bank issued EFTPOS terminal 

Fees: Inquire about rental or transaction fees for POS terminals. Some banks give not for-profits discounted rates or free terminal periods. Also ask about card processing fees – even a small reduction per transaction can save money over time.

Working with the School Coordinate with your school’s administration.

If the school and P&C bank at the same institution, the school office may be willing to bank P&C cash takings on your behalf. This can save volunteer time or staff labour cost and improve security.

Recommended Banks

While needs vary, many Australian P&Cs have had good experiences with banks that offer community-focused products. Westpac is frequently recommended – its Community Solutions One account has no monthly or transaction fees for non-profits and includes tools like debit cards and Osko transfers.  

Queensland Country Bank also markets to community groups: its Community Partner Program waives the monthly service fee on its Business Cheque Account for eligible clubs.

Always compare local branch access and customer service, especially if you rely on in person support. In the end, the best bank for your P&C is one that combines low fees with ease of use and a commitment to community groups.

Final Thoughts

Choosing the right bank for your P&C is about more than just rates – it’s about service and support for your volunteer organisation. Look for a bank that understands not-for-profits, offers simple processes for signatories, and provides tools (debit cards, POS, mobile banking) that match your day-to-day needs. Don’t hesitate to ask detailed questions of bankers, and read all fee disclosures. By doing your research and prioritising the features above, you’ll set up your P&C for smoother financial management and help focus resources where they matter most: benefiting the school and its students.