Dealing with daughters affairs whilst abroad

Grumpysally

DD1 has just graduated and is planning on working abroad for a year to fund further studying. She wants me to deal with her finances whist shes away. She's suggested we have a joint account, but I'm not sure if this is the best option. I think it could have implications for our individual credit ratings in the future.
Do banks accept someone to be formally named to act on the account holders behalf, or would we have to go to the expense of having a power of attorney drawn up?
Thank you

Wonder_Girl

If she has online accounts there shouldn't be anything you need to do.

If she want's you to be able to deal with something on her behalf she would need to provide a written letter of authority to each company. With the LOA the company would be able to discuss things with you without breaking data protection.

WG x

Mojisola

AlisonW wrote: »

Do banks accept someone to be formally named to act on the account holders behalf, or would we have to go to the expense of having a power of attorney drawn up?

When my parents started to need help, Barclays put me on the account as a signatory. I didn't own any of the money but I could sign cheques.

comeandgo

My daughter did a gap year a few years ago - she had internet banking for her spending money but a few times I had to transfer money from her isa into her spending account. She had signed and completed a few transfer slips and I entered the amount she wanted transfered. The bank never questioned it.
Another thing I did before she went was take a copy of all her bank cards and her passport just in case they went missing and also had her password to get into her facebook and internet account. This was in case I had not heard from her for a while, I could check she was still "active". Never had to check that one out, she always got in touch.

securityguy

There's no reason why a power of attorney would cost money: an LPOA form is easy to complete. It would solve all these problems.

Edit: Actually, it's a straight power of attorney, not a lasting power of attorney, that is needed.

Mojisola

A POA would be the best way to go. It's a one-off solution that lets you deal with whatever crops up.

lika_86

Yes, go into each bank and enquire about a third party mandate.

ellie3009_2

If she has a student loan, make sure she notifies them gets whatever documents needed from the Student Loans Company to allow you to deal with them.

I went travelling for 6 months and had issues with forms they had lost, and they refused point blank to even tell my parents if they had received the new forms I sent.

AlSelley

Definitely get Signing authority. So many headaches will be saved! But the closer you get to her bank account, the more likely she will be to ask for money put in it form you