We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Elderley people and current accounts
dog_nanny
Posts: 48 Forumite
No doubt we have all read about the 93 year old gentleman who was robbed of £23K in an ATM scam. (Very well done to the bank for repaying him!)
My question is why did he have so much money in his current account? This is a battle I have with my elderly Mother-in-Law. Every so often she asks me to look at her accounts and every time I find thousands in her current account instead of the few hundred she needs. The loss of interest involved doesn't seem to motivate her.
I'm hoping this gentleman's experience will help me get through to her!
My question is why did he have so much money in his current account? This is a battle I have with my elderly Mother-in-Law. Every so often she asks me to look at her accounts and every time I find thousands in her current account instead of the few hundred she needs. The loss of interest involved doesn't seem to motivate her.
I'm hoping this gentleman's experience will help me get through to her!
0
Comments
-
My grandmother kept all her thousands in a building society savings account. With a pass book.
She didn't want a current account, she didn't want a cheque book, she didn't want to be able to pay by standing order or direct debit. She was perfectly happy with one simple account and over the counter cheques as required.
Each to their own - she considered a slight loss of interest to be worth it to keep things simple.All shall be well, and all shall be well, and all manner of things shall be well.
Pedant alert - it's could have, not could of.0 -
Could it have been a savings account?
I don't know if NatWest savings accounts come with a cash card and PIN.0 -
My Dad has tens of thousands in his Barclays current account, where his money has always been. Every now & then the nice young lady in the branch persuades him to move some to a savings account but, to be honest, at 94 what's he saving for?Tall, dark & handsome. Well two out of three ain't bad.0
-
Many of us on here, elderly & not-so-elderly, will have similar amounts in our 'current' accounts, because that's where the interest is.
Most of us won't, however, carry those debits cards around with us on a daily basis.0 -
My question is how come he was able to withdraw all that money through an ATM? All current accounts have daily withdrawal limits much lower than that for that very reason.No doubt we have all read about the 93 year old gentleman who was robbed of £23K in an ATM scam. (Very well done to the bank for repaying him!)
My question is why did he have so much money in his current account?Big corporations take advantage of the unwary, it's time we learned how to deal with them:dance::dance::dance:Any comments are based on personal experience and interest in consumer matters, they do not constitute advice.0 -
They didn't withdraw it from the ATM. They watched his pin, used distraction to then switch his debit card, then used the details to transfer the money directly from his account.
The speed at which NatWest refunded does make me wonder if perhaps some of their procedures in this instance might not stand up to full scrutiny.All shall be well, and all shall be well, and all manner of things shall be well.
Pedant alert - it's could have, not could of.0 -
With 23k in the account, interest is irrelevant at that age when it comes to preferring to know where they stand with one simple account.:A:dance:1+1+1=1:dance::A
"Marleyboy you are a legend!"
MarleyBoy "You are the Greatest"
Marleyboy You Are A Legend!
Marleyboy speaks sense
marleyboy (total legend)
Marleyboy - You are, indeed, a legend.0 -
She could sign up to internet banking and you could login periodically to keep her things in order. Otherwise, make it more formal, making it a joint account or obtain POA.
We did the latter for an elderly relative.This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.7K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.7K Work, Benefits & Business
- 600.2K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards