Hi John Leal,
Thankyou for your comment, although becoming Net IBA certified will reduce the fees, it will be up to each individual to do this, not the responsibility of WOSAT.
I keyed in WOSAT in a search yesterday to see if it already held a meaning, and guess what?
It does!
Wizard of Speed and Time - and old hollywood style movie. They are still making money out of selling the logos etc. from that movie and I havent' seen it for so long I forgot all about it. (just and interesting fact).
Back to business. The finance committee will be discussing the use of stormpay tonight and bringing all final details together. We are discussing the possibility of a bank account for WOSAT and Stormpay will be like a stepping stone. If any member wants to let their money accumulate before withdrawing, that will also reduce transfer fees, anyone can then choose Cheque, Net IBA to allow Wire transfers, Debit Card etc. This way WOSAT's treasurer will not have to keep records of everyone's bank account details, payment methods etc, just your Stormpay account details.
This will remove the need for paperwork if any member decides to change banks, just change your Stormpay profile. Also if WOSAT needs to upgrade their account or change banks at any time, the members will not be affected and money will still be paid into Stormpay.
These details are not yet confirmed until Saturday, but I wanted everyone to understand what has been discussed and so all Board Members and Group Leaders can look over what we are thinking in time for Saturdays board meeting. The opening of a bank account will probably be delayed until a treasurer is appointed and Stormay will serve adequately in the meantime for storing funds.
Also as chair person I would like to welcome Mark Cross to the finance committee as we have lost Mike King. This has been agreed by Dr King in the effect that we needed to make numbers up quickly to assist our research.
I look forward to posting, the day this difficult task is complete as I have never read so many financial words in one week and look forward to changing subject :-D
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