Power of Attorney - Dissociating from Capital?

Fire_Fox

Does this look ok? I am not sure how best to handle this; I will be named on the new savings account but won't be entitled to student maintenance grant if it looks like that half the money is mine. I am not trying to fiddle anything, it's genuinely not my money. The PO account was in my parents joint names, with the PoA lodged and all correspondence to my address.





"To whom it may concern

Re: Internet Saver Application XXXX

Please find enclosed Enduring Power of Attorney documents to confirm that I am responsible for the day-to-day management of this account on behalf of my mother, Mrs. XXXX. Therefore please use the above address for all future correspondence.

As noted on the initial online application, the full balance of the deposit (£XXXX) is the property of Mrs. XXXX: you will note the initial deposit cheque comes from her Post Office savings account. As recommended by a representative of Tesco Financial Services, I am named on the account for the purposes of executing the Power of Attorney as my parents travel abroad extensively.

Please keep this letter on file in case of future query by any person or agency.

Yours faithfully

XXXX"

Biggles

Have you completed an online application in your own name or your mother's?

Banks etc can't usually deal with online applications under PoA but if that's how a 'representative of Tesco' told you to do it, then fine.

Never mind your letter (unless that's the wording they asked for), I would just ask for written confirmation that the money is held in an account in the names of your parents.

sloughflint

Posted on your other thread

sloughflint wrote: »

I am guessing that it's the Internet saver that you are opting for. I could not see anything about Power of Attorney on the website.

Many solely online accounts will not permit POA.I do hope you have not spoken to a poorly trained person who has merely suggested that you become a joint account holder.

If so that is a very bad idea. Have they asked to see your POA documentation? If not and the account is open then I feel that there is a problem and as Biggles says, talk to Tesco pronto.

I agree with Biggles. If this is the first that you are showing them the POA documentation, something is not right. Usually an account is only opened after all necessary documentation has been seen and checked out.
Usually they make it clear on the website whether POA accounts are allowed or not.

Hopefully we're wrong though.

Please do not be tempted to progress under joint names if that is your only option. I've replied to someone else's post on your other thread.
I can understand the temptation though. It's one of the better paying accounts around at the moment.

Fire_Fox

Biggles wrote: »

Have you completed an online application in your own name or your mother's?

Banks etc can't usually deal with online applications under PoA but if that's how a 'representative of Tesco' told you to do it, then fine.

Never mind your letter (unless that's the wording they asked for), I would just ask for written confirmation that the money is held in an account in the names of your parents.

The PO account was in my parents joint names. The new account will be in my mothers and my name as that's what Tesco suggested. I haven't completed the application - I am intending to enclose the above letter and PoA with the deposit cheque.

sloughflint

I fear that you are wasting your time here. You may want to ring up again and speak to someone else and make it clear that you do not want to be a joint account holder and double check what their position is on POA.

The other thread outlines all the pitfalls including someone else who had difficulties with that account.