Tsb poa

azzabazza

My 88 year old mother has Alzheimers and has been in a care home for a year. Her house was sold at the end of October. Attorneys are myself, my sister and my brother in law. All my mother's money is currently with RBS in various accounts (far more than the £85,000 guarantee).

Spoke to chap at my branch of TSB this morning, asking if I could open an account (using POA) for £85,000 of my mother's money. After some consultation with myself and then his manager, he said this would not be possible as the bank has no profile for my mother. He said even if we could provide ID (passport, driving licence , utility bills etc) this would not be sufficient to open an account. I would have to arrange to bring my mother in personally. This is not at all possible. She is totally confused and gets very angry about various things because of her condition. Also she is in a home some 60 miles away from me.

The chap at TSB then said the only way around this would be to open an account in my name only. He suggested I could make some sort of signed declaration to give to other family members stating that technically this £85,000 is my mothers. He said my sister would encounter the same problem if she tried to open an account similarly at her bank - HBOS.

We have an ISA fully charged for this financial year. We do not want to invest long term given my mother's age and health.

How on earth are we supposed to spread my mother's capital around if we cannot open accounts on her behalf? Anyone know if in fact I have been given correct information?

Linton

Given your mother's age and health, I dont see being over the £85K is a serious risk. RBS is almost entirely a government owned bank and having spent a vast amount of money keeping it going during the bad times I cant see them letting it go bust now. Furthermore should things get so bad that it does go bust how much faith would you have in the £85K compensation scheme?

Perhaps you could try something with RBS? NatWest is regarded as a separate bank for the purposes of the compensation scheme so maybe you could have some money with Royal Bank of Scotland and some with NatWest.

azzabazza

Linton wrote: »

Given your mother's age and health, I dont see being over the £85K is a serious risk. RBS is almost entirely a government owned bank and having spent a vast amount of money keeping it going during the bad times I cant see them letting it go bust now. Furthermore should things get so bad that it does go bust how much faith would you have in the £85K compensation scheme?

Perhaps you could try something with RBS? NatWest is regarded as a separate bank for the purposes of the compensation scheme so maybe you could have some money with Royal Bank of Scotland and some with NatWest.

I do think being over the £85K as being a risk. Eggs in one basket and all that.

Will investigate Natwest but I still think lack of customer profile will prevail.

azzabazza

Archi_Bald wrote: »

I would never rely on RBS being part owned by the taxpayer as an insurance policy for my funds.

I think the TSB guys don't have a clue.

Try Barclays, who seem to be a bit more in touch with reality in this case: http://www.barclays.co.uk/PowerofAttorney/Registeryourpowerofattorneywithus/P1242637472541

We live in Scotland so not sure how easy to find a Barclays Bank. Will need to investigate. My mother lacks capacity.

Edited to say I have found two branches in Edinburgh which I can reach easily.

Archi_Bald

I would never rely on RBS being part owned by the taxpayer as an insurance policy for my funds.

I think the TSB guys don't have a clue.

Try Barclays, who seem to be a bit more in touch with reality in this case: http://www.barclays.co.uk/PowerofAttorney/Registeryourpowerofattorneywithus/P1242637472541

Also BM Savings: http://www.bmsavings.co.uk/existing-savers/managing-someone-elses-money/

And Nationwide, Sainsburys, Clydesdale, Santander, Coop, Post Office, Virgin Money, Skipton BS, HSBC, First Direct - http://www.savvywoman.co.uk/c8-pages/c8s3.php?art_id=770

Hope you have better luck with one of these.

Archi_Bald

azzabazza wrote: »

We live in Scotland so not sure how easy to find a Barclays Bank.

Do it online? Telephone banking?

azzabazza

Archi_Bald wrote: »

Do it online? Telephone banking?

Would not be accepted for online banking as principal POA documents require to be produced.

Biggles

azzabazza wrote: »

The chap at TSB then said the only way around this would be to open an account in my name only. He suggested I could make some sort of signed declaration to give to other family members stating that technically this £85,000 is my mothers. He said my sister would encounter the same problem if she tried to open an account similarly at her bank - HBOS.

This guy doesn't know what he is talking about. Such a declaration would be worthless.

LloydsTSB (as was) were very good re PoAs, and I'm sure TSB are. But you need to ring and ask to speak to someone in the head office department that deals with them. They will talk more sense.

BonkersBonkers

If OP and MUM were not customers of TSB they were correct in not opening an account as discussed (same rules apply to Executors accounts).
They have a duty to ID all new customers - so OP do you have any accounts with another bank?

xylophone

http://www.savvywoman.co.uk/c8-pages/c8s3.php?art_id=770

http://www.halifax.co.uk/onlinebankinghelp/powerofattorney.asp

http://www.barclays.co.uk/PowerofAttorney/Registeryourpowerofattorneywithus/P1242637472541

http://www.bmsavings.co.uk/existing-savers/managing-someone-elses-money/

might be worth a look?

System

Did your sister try Bank of Scotland to see if they were any help?

A smaller branch based provider might be more approachable?
Virgin, Yorkshire or Scottish BS all have branches in Edinburgh.

azzabazza wrote: »

He said my sister would encounter the same problem if she tried to open an account similarly at her bank - HBOS.