Racing Accounts

Every registered racehorse owner is required to have a racing account under the Rules of Racing. This racing account enables the BHA to pay prize-money securely and allows for the automatic payment of entry fees, jockey fees and registration fees.

Bank Account Comparison

BHA Account: Owners with a BHA account won’t incur any account charges. The BHA account is an invoicing account which settles by Direct Debit or Direct Credit on the 15^th day of the month for the previous month’s accrued racing transactions. The table below refers to withdrawals and provides further details relating to the settlement of prize-money.

Weatherbys Racing Bank Account: Owners with a WRB account have the flexibility of a normal bank account, however will incur charges for monthly account management fees and racing transaction fees may apply. All partnerships and syndicates will need to operate a Multi Owners Account. Owners with this type of account should be aware that their charges are due to increase from the 1 April.

The following table sets out a comparison of the two accounts currently available to registered owners.

	BHA ACCOUNT	WEATHERBYS
FEATURES	This is a simple monthly invoice arrangement. It is restricted solely to your racing transactions (entry fees, jockey fees, prize money, gallop fees and ROA membership). It does not extend to your payment of training fees.	A Weatherbys Bank account combines racing transactions (entry fees, jockey fees, prize money, ROA membership etc) with the flexibility and features of a normal bank account.
PAYMENTS	You will receive an invoice at the beginning of each month. The balance will be requested by Direct Debit on the 15th day of that month. If sufficient funds are not available at the time of the monthly Direct Debit an overdue account fee will be charged. If the account is not settled on a subsequent Direct Debit request, further charges will be incurred and all ownership activities related to the account suspended, with the result that any horse you have an interest in will not be allowed to run.	You will receive a bank statement at the beginning of each month or you can access your statements online at any time. If your account is overdrawn this can be settled via cheque, bank transfer or card payment. You can also view your accounts via the Weatherbys Mobile Banking App. If you have received prize money you will be able to access it as soon as it has cleared on your account, typically 15 days after the race date. You can use funds on your account to automatically pay your training fees, gallop fees, and any other racing or bloodstock bills.
WITHDRAWALS	The British Horseracing Authority arrangement does not allow requested withdrawal of funds nor the retention of credit funds. Instead, if you are in credit at the end of the month, the full credit balance will be sent to your nominated account by Direct Credit at the beginning of the following month.	You can access your funds in a variety of ways including auto payments, online banking and telephone banking. Further information is contained in the Weatherbys Bank leaflet 'Account Terms and Conditions' available at www.weatherbysbank.com
INTEREST	No interest is payable on funds.	Weatherbys Bank may pay interest on credit balances at the prevailing rates. The current rates table can be viewed on www.weatherbysbank.com or is available from Weatherbys Bank on request.
TRANSACTION CHARGES	None Overdue account charges: £50.16 (inc. VAT) for the second letter.	Racing Account A simple bank account for UK resident sole or joint owners looking to separate their racing finances from their day-to-day banking. Multi Owner Account This account is available to syndicates, clubs and partnerships. Racing Gold Account The flagship account available to sole or joint owners, bloodstock professionals and companies, and also owners who reside outside of the UK. Banking charges will apply, for further details dependent on the type of account required please visit the Racing Gold Account page on the Weatherbys Bank website.
OTHER SERVICES		More information on the range of banking services offered by Weatherbys Bank can be found by calling 01933 304777, by emailing [email protected] or on the internet via www.weatherbysbank.com