joint bank account with compulsory countersigning

ROSENMARSH

I am trying to find out whether it is possible to set up a bank account with my sister where any withdrawal has to be authorised by both of us. My sister is resident abroad and I am in the UK. I asked my bank (COOP) but their joint account allows either party to withdraw funds without the other's explicit permission.
Have searched internet and this forum with no success. Appreciate any help :-)

Matthew

Crystallady

It certainly used to be possible to set up accounts that require both signatures, however in this age of automation there are no checks on signatures anymore so whether the banks are willing to still do this I am not sure - it appears that the co-op will not.
Also for obvious reasons I don't believe you can get online banking if there are two signatures required. On a more practical side surely it will be quite cumbersome to get each cheque signed by two if your sister lives abroad ?

grumbler

ROSENMARSH wrote: »

...My sister is resident abroad and I am in the UK.

If your sister doesn't have a UK address that she can prove, I think most banks will not allow her having any account at all.

ROSENMARSH

Just to clarify the account would be used only for a standing order to pay a mortage.
The situation. My sister and I have inherited a flat which we co-own. I want to raise a mortgage on my share of the flat, we have been advised that this is possible through a deed of transfer whereby I own the flat but she has legal right to half of any sale or rental income. However she wants some sort of guarantee that I won't default on mortgage payments. The suggestion is that we have an account whereby each year I deposit enough capital for mortgage payments for the year and a standing order is set up which she authorises. It doesn't necessarily need her signature just her authorisation. In effect she has control over where the money in the account goes and that gives her the guarantee that the mortgage will be paid...

grumbler

Why can it not be her sole account then? - if she can get a UK account.

ROSENMARSH

mmm fair point - or even if she couldn't get a UK account I assume she could make a standing order from a foreign account...?

ROSENMARSH

probably more importantly whether the mortgage company would accept payment from an account not in my name..

LandyAndy

Crystallady wrote: »

It certainly used to be possible to set up accounts that require both signatures, however in this age of automation there are no checks on signatures anymore so whether the banks are willing to still do this I am not sure - it appears that the co-op will not.
Also for obvious reasons I don't believe you can get online banking if there are two signatures required. On a more practical side surely it will be quite cumbersome to get each cheque signed by two if your sister lives abroad ?

Online business banking allows for it but that doesn't mean personal banking does, of course.

grumbler

ROSENMARSH wrote: »

probably more importantly whether the mortgage company would accept payment from an account not in my name..

They don't care. E.g. a DD can be set/changed on/to any account.

However, it's a waste of money to pay for international transfer and currency conversion twice even if SOs are available for international transfers.

CLAPTON

what exactly is the benefit of the arrangement?

firstly you may not pay any money in once a year... an awful lot of money sitting there all that time doing nothing

secondly she could empty the a/c at any time and the mortgage would then default

there has to be a reasonable amount of trust

all she needs to see is that the mortgage is paid each month, not that you have a years worth of payment in advance


so just give her online access to the mortgage a/c so she can check it's paid each month- that's all she needs to know.

grumbler

Why do all spammers like this word "sharing"?