Cashing In NS&I Certs - Power of Attorney

WillPS

Evening all,
I'm helping a relative with something. Her Father is power of attorney for her Aunty, who lives in a home.

Her only remaining are accounts (other than savings certificates) are passbook accounts with The Nottingham. The Nottingham have no online banking and don't support standing orders or direct debits. To start with her Father regularly visited the branch and had building society cheques made out to pay her bills (mostly for her home).

He has since become immobile and so finds it difficult to manage her finances. He tried to open a current account in her name but couldn't find a bank who'd do it under PoA without the account holder present, so he opened a new current account (with online banking) in his name and moved all her regular payments and standing orders to that account..

The account is to all intents and purposes hers, it just has his name on it. Will NS&I allow a savings certificate to be cashed in to that account?

xylophone

but couldn't find a bank who'd do it under PoA without the account holder present, so he opened a new current account (with online banking) in his name and moved all her regular payments and standing orders to that account..

My relative has PoA for his relative and I have checked this with him - he has been able to open both current and savings accounts for the donor of the PoA once the document was registered with the financial institution concerned. This includes accounts with NS&I.

The donor did not have to be present but the identity of both donor and donee had to be verified in the normal way.

He is also able to access the accounts through on-line banking.

Has your father moved the donor's money into an account in his sole name?

An Attorney should not do this.

le_loup

WillPS wrote: »

so he opened a new current account (with online banking) in his name and moved all her regular payments and standing orders to that account..

For many, many reasons this should not have been done.
He could have opened an online account in her name and then registered the POA with the bank or NS&I. Most institutions, but not all, will allow internet transactions under a POA.

WillPS

Appreciate the advice. I don't know all the facts - I'm just relaying the situation as I understand it, probably got some details wrong, I don't suspect impropriety at all.