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ISO - Bank that actually lets a 3rd party administer account

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This is a slightly unusual situation. I am trying to find a bank that will allow me, as a designated 3rd party, to act on behalf of my elderly mother. Currently, she has an account with HSBC, but despite being told (twice) that setting up a 3rd party mandate would allow me to manage her funds online, it turns out that HSBC does not allow this (15 e-mails and numerous phone calls later). It really has to be online, as I'm in the US. The final straw with regard to HSBC was the response I received this a.m. (to a suggestion that they inform their staff of what a 3rd party can and cannot do) which indicated that they a) they could not discuss this via their feedback system and that b) I should log on to online banking if I wished to take it further! It would be funny if it wasn't so pathetic.

So far I have attempted to get this information from Barclays via email(response: yes if you have a power of attorney, which wan't the question I asked, because I'd already seen that on their website) and Natwest by phone (whose customer service department is closed at 1 in the afternoon! Question: have they all gone to lunch, or has someone forgotten to deactivate the answering machine on their international number?)

I have already had an enduring power of attorney drawn up, but I haven't activated it yet. Even if I did, HSBC (with whom my Mother has banked since 1947 in its various guises) still would not let me use the online banking system.

If I wasn't a non-uk resident, we could probably set up a joint account, but this is problematic. I don't want to go offshore, since I don't want to pay those fees.

Has anyone any experience with this, or any suggestion about where I might be able to find this information?

Jennifer
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Comments

  • Hi there!

    This is probably an suggestion that will get blasted from all angles, but if your mother is prepared to give you the log in details etc for her account, can you not log on as if you were her and transact her business for her?
    Don't lie, thieve, cheat or steal. The Government do not like the competition.
    The Lord Giveth and the Government Taketh Away.
    I'm sorry, I don't apologise. That's just the way I am. Homer (Simpson)
  • jenniferpa
    jenniferpa Posts: 1,036 Forumite
    Yes, well of course that would work. I would like to do it legally though (silly me!) Actually, that raises an issue which I had already noted to myself - much of these convoluted security regulations are predicated on the belief that everyone will tell the truth. I assume if one was up to no good, telling lies would be no problem. As it stands, though, prior to setting up this third party mandate, my Mother got on to Customer Service (a misnomer, if ever there was one) using her security codes, put me on the phone, and you would have thought I was an axe murderer! Her security codes were frozen, and it took a while (plus a visit to the branch, which isn't easy when you're an 88 year old wheel-chair bound stroke victim, and the branch has 2 steps up to it) to sort the whole thing out.

    Jennifer
  • The only problem comes when you try to do anything over the phone. For accessing online banking and online transactions, who would know the difference, unless your mother was to challenge the transactions of course. It is a sticky area, and I would not want to see you in problems! At the end of the day only you know your relationship with your mother, and it all depends on her mental health and clarity for all the reasons I am sure you understand. Even getting her to write a letter to you in her own hand giving you the security details would not be much of a defence!

    The reason why you are having problems with getting the bank to agree to a third party mandate is because it is something out of the ordinary, and banks can not cope with anything that is not simple and straightforward.

    Wish you the best of luck.



    The only easy solution would be a joint account.
    Don't lie, thieve, cheat or steal. The Government do not like the competition.
    The Lord Giveth and the Government Taketh Away.
    I'm sorry, I don't apologise. That's just the way I am. Homer (Simpson)
  • innovate
    innovate Posts: 16,217 Forumite
    10,000 Posts Combo Breaker
    Sounds a right old bureaucratic mess, and inflexibility in spades!

    You mention HSBC, Natwest and Barclays - - - they all have one thing in common: they are the dinosaurs of banking :eek: and operate by rules established in the middle of the last century.

    Have you tried one of the younger companies - Cahoot, Smile, First Direct? They might be more flexible, and they are all after new customers (you may have seen, they even pay you for opening accounts). BTW, I would NOT go anywhere near A&L, they have an awful online interface, and an even more awful Customer Service department.

    HTH, and good luck!
  • jenniferpa
    jenniferpa Posts: 1,036 Forumite
    As it stands I can currently sign cheques, but not standing orders, and I have my own security codes which allow me to perform most telephone banking options. This is what is so frustrating - nobody seems to know at the bank what I can or cannot do until I try it (the standing order is a case in point). I'm not sure a joint account would offer a solution - as a non-resident I have not been able to find a bank who is willing to do this, and I also have questions regarding the ownership of these funds when it comes to taxes both in the U.K. and the U.S. The good thing about this is that I am her only child, so at least I don't have to deal with siblings. The bad thing is that I'm her only child so I have to deal with all of it.

    Jennifer
  • innovate
    innovate Posts: 16,217 Forumite
    10,000 Posts Combo Breaker
    Jennifer, leaving potential tax complications to one side (mainly because I don't know what they would be).

    I have several "non-dinosaur" current accounts, they all allow me to do standing orders once I (or whoever!) have passed the login security. No signature required.
  • Hi Jennifer

    Barclays have set me up to operate my aunt's account online, through a power of attorney. Took a while to set up, merely because the branch staff were not that familiar with the process, but Barclays were very apologetic with the delays and compensated with £30.

    I also run my mother's account, but that's just because she's given me her details. Bit dodgier this method as if anything goes wrong the bank could claim negligence I suppose - not sure how they'd know though

    Rick
    am I missing something ??
  • jenniferpa
    jenniferpa Posts: 1,036 Forumite
    Thanks for all your suggestions. I've decided to go with Nationwide, if only because I got through to a real person within 5 rings! When I asked about 3rd party access, they said just power of attorney, but that the easist thing to do was for my mother to register for internet banking and she could give me her details! Having dealt with HSBC, who treated us like criminals when this was suggested, I almost fell off my chair.

    Again, many thanks

    Jennifer
    P.S. They also suggested a joint account but when I pointed out that I was non-resident I was told that a joint account was not an option (which is what I thought).
  • Paul_Varjak
    Paul_Varjak Posts: 4,627 Forumite
    Part of the Furniture 1,000 Posts Photogenic Combo Breaker
    My disabled mum banked with the HSBC and as power of attorney I simply made use of her Internet ID because HSBC would not issue me with one.

    They did allow me to have a separate telephone password to my mum but to set-up a password I had to write this done on a piece of paper and hand it to a bank employee. I refused to do that, and decided to take my account elsewhere.
  • Al_Mac
    Al_Mac Posts: 5,519 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Barclays do do it.
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