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  • FIRST POST
    • dollydiva
    • By dollydiva 15th Jun 17, 10:50 AM
    • 288Posts
    • 99Thanks
    dollydiva
    Elderly Disabled Mum - How to Withdraw Money?
    • #1
    • 15th Jun 17, 10:50 AM
    Elderly Disabled Mum - How to Withdraw Money? 15th Jun 17 at 10:50 AM
    Mum has savings (around 13k) in her regular saver account with Lloyds and wants to close this account and withdraw her money to share out amongst the family.

    Problem here is that she's housebound and can't make it into a Lloyds bank and she has no regular bank account -just this Saver account.

    How can she withdraw her money? I can't for the life of me see how it can be done?
Page 1
    • antrobus
    • By antrobus 15th Jun 17, 10:55 AM
    • 14,892 Posts
    • 21,095 Thanks
    antrobus
    • #2
    • 15th Jun 17, 10:55 AM
    • #2
    • 15th Jun 17, 10:55 AM
    Mum has savings (around 13k) in her regular saver account with Lloyds and wants to close this account and withdraw her money to share out amongst the family.

    Problem here is that she's housebound and can't make it into a Lloyds bank and she has no regular bank account -just this Saver account.

    How can she withdraw her money? I can't for the life of me see how it can be done?
    Originally posted by dollydiva
    Open an online Lloyds Bank current account?

    http://www.lloydsbank.com/current-accounts.asp?WT.mc_id=43700009613591461&WT.srch=1& gclid=CPym8JLKv9QCFTgo0wodxu0Mxw
    • Westie983
    • By Westie983 15th Jun 17, 10:56 AM
    • 3,710 Posts
    • 13,725 Thanks
    Westie983
    • #3
    • 15th Jun 17, 10:56 AM
    • #3
    • 15th Jun 17, 10:56 AM
    Hi,

    Are you sure the money is in a regular saver account ? as these type of accounts normally hold up to £6000 (£500 a month for a year) Lloyds allow only £250 a month in their regular saver accounts.

    You mention that she doesnt have a bank account, how has your mother been funding the account?

    Okay so to answer your question, your mum can transfer money over the telephone, you can also get a third party access form completed that will allow you to close the account, but this can only be applied if the correct ID is seen and the signature is correct on the bank system.

    If this is not suitable, then your mother will just have to make either small payments to each member of the family, or transfer the money into a newly opened bank account where you then can have joint or POA access on it.

    If you decide to go down the POA route.

    Westie983
    Save 12k in 2017 #16 Total £15130/£12000 126.08%
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    I'm a Board Guide on Budgeting & Bank Accounts, Debt-Free Wannabe, Disability Money Matters, and Savings & Investments. I'm a volunteer helping the boards run smoothly, but I'm not a moderator, and do not read all posts. If you see an inappropriate/illegal post then email forumteam@moneysavingexpert.com
    • eskbanker
    • By eskbanker 15th Jun 17, 11:31 AM
    • 4,990 Posts
    • 4,726 Thanks
    eskbanker
    • #4
    • 15th Jun 17, 11:31 AM
    • #4
    • 15th Jun 17, 11:31 AM
    Are you sure the money is in a regular saver account ? as these type of accounts normally hold up to £6000 (£500 a month for a year) Lloyds allow only £250 a month in their regular saver accounts.
    Originally posted by Westie983
    I suspect that, since OP also refers to a 'regular bank account', they were meaning regular in the sense of 'normal' or 'standard' rather than the 'paid in every month' usage of the term?
    • xylophone
    • By xylophone 15th Jun 17, 1:03 PM
    • 21,961 Posts
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    xylophone
    • #5
    • 15th Jun 17, 1:03 PM
    • #5
    • 15th Jun 17, 1:03 PM
    Is your mother on (or likely to need) means tested benefits?

    If so, the question of deprivation of assets might require consideration.

    Your mother might open (on line) a Classic current account with Lloyds bank which would give her internet access.

    She could then make FPs to the bank accounts of the relatives in question.
    • le loup
    • By le loup 15th Jun 17, 2:57 PM
    • 3,530 Posts
    • 3,337 Thanks
    le loup
    • #6
    • 15th Jun 17, 2:57 PM
    • #6
    • 15th Jun 17, 2:57 PM
    Mum has savings (around 13k) in her regular saver account with Lloyds and wants to close this account and withdraw her money to share out amongst the family.
    Originally posted by dollydiva
    Are you sure you want to allow her to do that. If that's all she has, she may need it herself for who knows what. I would council her too keep it.
    • Keep pedalling
    • By Keep pedalling 15th Jun 17, 9:43 PM
    • 3,259 Posts
    • 3,467 Thanks
    Keep pedalling
    • #7
    • 15th Jun 17, 9:43 PM
    • #7
    • 15th Jun 17, 9:43 PM
    If that is all the savings she has, she would be a fool to give it away.

    She should however set up a lasting power of attorney so that her finances can be managed when she is unable to do so.
    • Maximum Saving
    • By Maximum Saving 15th Jun 17, 10:18 PM
    • 169 Posts
    • 327 Thanks
    Maximum Saving
    • #8
    • 15th Jun 17, 10:18 PM
    • #8
    • 15th Jun 17, 10:18 PM
    She could open up new current accounts in order to use her money sensibly. I don't think she should give any money away. One day she might have a lasting power of attorney so her finances can be managed for her. If she wishes to apply for means tested benefits they have too high amounts and the person won't get the benefit.
    • teddysmum
    • By teddysmum 16th Jun 17, 2:45 PM
    • 7,871 Posts
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    teddysmum
    • #9
    • 16th Jun 17, 2:45 PM
    • #9
    • 16th Jun 17, 2:45 PM
    If she wishes to apply for means tested benefits they have too high amounts and the person won't get the benefit.
    Originally posted by Maximum Saving

    Not true in the case of residential care (assets below £14250 are disregarded), but giving the money away to get other means tested benefits would be classed as deprivation of assets and she would be treated as though she still had the money.


    Also,what would she do, if having given all away, she needs a new cooker, fridge etc or needs more care than her allowance will finance (levels provided are being shaved down all the time) ?


    Because funding is in short supply, powers that be are becoming more stringent about their checking of people's assets.
    • GingerFurball
    • By GingerFurball 16th Jun 17, 2:51 PM
    • 925 Posts
    • 880 Thanks
    GingerFurball
    Is your mother on (or likely to need) means tested benefits?

    If so, the question of deprivation of assets might require consideration.

    Your mother might open (on line) a Classic current account with Lloyds bank which would give her internet access.

    She could then make FPs to the bank accounts of the relatives in question.
    Originally posted by xylophone
    I'm sure a bank's fraud systems will see nothing wromg with an 86 year old suddenly registering for online banking to transfer all her money.
    DEBT FREE!

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    • xylophone
    • By xylophone 16th Jun 17, 3:14 PM
    • 21,961 Posts
    • 12,662 Thanks
    xylophone
    I'm sure a bank's fraud systems will see nothing wromg with an 86 year old suddenly registering for online banking to transfer all her money.
    Are you suggesting that an 86 year old customer of the bank would not be permitted to open a bank account, register for internet access and use it in the normal way?
    • Anthorn
    • By Anthorn 16th Jun 17, 3:29 PM
    • 3,043 Posts
    • 786 Thanks
    Anthorn
    Mum has savings (around 13k) in her regular saver account with Lloyds and wants to close this account and withdraw her money to share out amongst the family.

    Problem here is that she's housebound and can't make it into a Lloyds bank and she has no regular bank account -just this Saver account.

    How can she withdraw her money? I can't for the life of me see how it can be done?
    Originally posted by dollydiva
    What do you mean by "housebound"? Or to put it a different way why is it she cannot go out and visit the bank herself?

    The Royal Voluntary Service provides a transport service for elderly people staffed by volunteers which could be active in the area your mother lives in. It's not free but in my experience is a lot cheaper than using a specialised taxi service which provides for example assistance with a wheelchair.
    https://www.royalvoluntaryservice.org.uk/get-help/getting-out-and-about

    Or accompany her yourself in a taxi.
    • GingerFurball
    • By GingerFurball 16th Jun 17, 11:12 PM
    • 925 Posts
    • 880 Thanks
    GingerFurball
    Are you suggesting that an 86 year old customer of the bank would not be permitted to open a bank account, register for internet access and use it in the normal way?
    Originally posted by xylophone
    No, try reading what I wrote again.
    DEBT FREE!

    Debt free by Xmas 2014: £3555.67/£4805.67 (73.99%)
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    • xylophone
    • By xylophone 16th Jun 17, 11:23 PM
    • 21,961 Posts
    • 12,662 Thanks
    xylophone
    No, try reading what I wrote again.
    If I (not aged 86), opened an account with one of my existing providers, registered for internet access, moved money from an existing savings account into my new account and made bank transfers to various nieces and nephews, would I trigger a Fraud investigation?

    Would I trigger a Fraud investigation if I drew cheques in their favour?
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