Power of Attorney and Premium Bonds?

thestens

I have Power of Attorney on my mum's bank account. She has just received a cheque from Premium Bonds. Can I sign it instead of her and pay it into her account now I have P of A or do I have to register the P of A with Premium Bonds and get the cheque reissued?? Thanks.

System

You should be able to pay the cheque directly into your mother's account without having to sign anything apart from possibly a paying in slip.

Why would you need the cheque re-issued?

thestens

Because with Premium Bond cheques the payee has to sign them before paying them in! My mum is the payee but she isn't capable of signing. Now I have P of A can I sign instead of her??

Your_Hero

Edit: Just read your message.


Probably best to contact NS&I and let them know of your situation first. They probably won't need to reissue the cheque but may need proof of the PoA first, i.e. you may need to send in a certified copy. Once the PoA is registered you should have control of the account and you should request future payments done electronically and paid straight into your mum's account instead of cheques.

thestens

Thanks for that. Just checked with bank and they say I should be OK signing it , but will get P of A registered with Premium Bonds and get the cheques paid in as you suggest. Unfortunately P of A is a pain - everyone needs to see the original document and we are trying to sort out several other accounts as well.

xylophone

A relative has PA for a relative with premium bonds (and he arranged the purchase) - he is able to sign.

The PA was registered with NS&I.

everyone needs to see the original document

It is possible to use certified copies but these have to be prepared in a particular way- the relative had them done by the solicitor who originally drew up the PA.

thestens

Yes I know but we didn't use a solicitor to do the P of A - there's no need to, it is easy to do it yourself (we have Enduring - drawn up a long while before we needed to use it). So we need to employ a solicitor to do certified copies or buy extras at £25 each! I know this is possible, but we are trying to economise - probably easier not to and just get more copies made!

xylophone

(we have Enduring

So does my relative, also drawn up many years ago- the copies have only just been required but solicitor did them for £5 each...

6022tivo

So much of a pain in the new !!!! the new system is.

And costly..

Does anyone have links to the old POA paperwork, the old easy just sign here type..

dzug1

It is no longer possible to make new PoAs of that type so it's academic

6022tivo

Not when they are backdated (probably illegal)

But hey, anyone got the paperwork?