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

jenniferpa

With a third party mandate or just a power of attorney? I have this question waiting for an answer from Barclays.

Jennifer

exil

Well, the banks have good reason to be cautious. It is not unknown for people to steal money from elderly, confused relatives by gaining access to their accounts. Of course that isn't your intention - but the banks don't know that. Power of attorney puts it on a legally above-board basis - why don't you do that instead?

A joint account is an alternative, since it requires your relative to approve the setting up of the account and thus allow you to have access to it.

jenniferpa

Oh yes, I understand the reasoning behind it. I just don't understand why many financial institutions don't know their own rules (or don't even know how to find out the correct answer). It seems illogical that one is allowed to write cheques with no limit yet one can't set up a standing order, but I suppose that's just HSBC for you. As for a joint account, that would be ideal, but as far as I can see being a non-uk resident makes that impossible.

What I'm trying to do here is avoid moving banks, with all the hassle that that involves, and then find out that we're in worse situation than before. I am still dithering about whether to register the enduring power of attorney, or whether to simply go the general power of attorney route. I had not realised it, but the latter is considerably easier to set up, even without a solicitor. Even then, I want to ensure that any account is as easily managed as possible (which in practical terms means on-line).

Incidentally, the third party mandate to which I was referring was something that had to be filled out by both of us at the bank with all the associated ID etc., specifically referring to individual accounts, and what could be done to them, so you would think that it would actually be safer from the account holder's point of view. It looks from my research that a general POA will be considerably easier to set up.

Jennifer

Paul_Herring

Out of interest, have you heard of "Power of Attorney" (And the associated "Enduring Power of Attorney") - if so, why not go down that route?

http://www.clickdocs.co.uk/ordinary-power-of-attorney.htm

jenniferpa

Umm I mentioned all that at the beginning. If you mean why not go that route, the answer is, yes I'm going to do that BUT I need to make sure that the bank that my Mother's account is moved to will actually let me do what I need to do. The current situation is that even with a POA or even an enduring POA HSBC will not allow me to access the account online. I don't want to move and find the same thing applies elsewhere.

Jennifer

ceebee_2

An 'outside the envelope' crazy suggestion, but why not register your parent as self-employed. You could then open a business bank account, with you registered as a partner and therefore with full access to the 'business' account. You would, of course, have to submit a Tax Return but doesn't everyone???????

Please bear in mind this is only a suggestion, but is intended to indicate that there is always a way to circumvent any problem.

jenniferpa

Interesting idea. I don't think it would be worth the hassle, but I see your point - one does become blinkered when it comes to solutions. Hey, maybe if I did it that way I could deduct the cost of my airfares back and forth across the pond as business expenses! Actually, managing my Mother's affairs from a distance almost is a full time business.

Jennifer

virgin_moneysaver

Natwest 3rd party mandate covers 'in branch' & internet banking - I'm 3rd party on various relatives accounts (hubby, both sons, mum, dad, brother & sister & M-i-L) - I log in on my account details & it brings up all accounts that I can sign on & I do whatever business I need to do - anything in branch I just sign

Paul_Herring

jenniferpa wrote:

Umm I mentioned all that at the beginning.

Doh! :doh: Sorry, missed it.