Natwest Joint account

Yorkshireman99

It makes no difference.

Margot123

Tom99 wrote: »

It was a joint account and I therefore had my own debit card so no offence was committed nor trust breached.

This was the advice given to my Dad when my Mum passed away. It came directly from the Bank itself, and in writing.
Yorkshireman99 may be technically correct (if it were a card in joint names) but they would not commence any investigation in these cases. I haven't heard of a case where they have.

getmore4less

Contrary to what many think a joint account is not always joint beneficial interest with survivorship.

There are cases where the account is really a trust and the beneficial interest is with the provider of the funds.

Analysis of the following case by legal firms is worth a read for those that want to understand the broader context of joint accounts

Drakeford v Cotton and Stain [2012] EWHC 1414(Ch)

Margot123

"There are cases where the account is really a trust and the beneficial interest is with the provider of the funds......."

Ah, so that would explain why the bank gave my Dad written authority to use the account and associated cards.

Yorkshireman99

Margot123 wrote: »

"There are cases where the account is really a trust and the beneficial interest is with the provider of the funds......."

Ah, so that would explain why the bank gave my Dad written authority to use the account and associated cards.

AIUI most banks freeze or close the joint account and open a new one in the sole name of the surviving account holder. However, this is not universal practice as you have seen. As GM4L says neither are the circumstances always apparent. However the need to tell the bank ASAP is universal. This will usually be incorporated in the T&Cs that many people don't read. I am well aware that the freezing of accounts can cause problems but that does not excuse failing to notify. An executor who fails to notify the bank promptly can be liable for any losses incurred. The bank will probably not want the bad publicty of prosecuting but that is not the only sanction they can apply.

Keep_pedalling

Yorkshireman99 wrote: »

AIUI most banks freeze or close the joint account and open a new one in the sole name of the surviving account holder. However, this is not universal practice as you have seen. As GM4L says neither are the circumstances always apparent. However the need to tell the bank ASAP is universal. This will usually be incorporated in the T&Cs that many people don't read. I am well aware that the freezing of accounts can cause problems but that does not excuse failing to notify. An executor who fails to notify the bank promptly can be liable for any losses incurred. The bank will probably not want the bad publicty of prosecuting but that is not the only sanction they can apply.

When my step father died his joint account with my mother was simply converted to a sole account in her name. It was not frozen even for a short time. This was with Barclays, but it seems Natwest will do exactly the same.

https://personal.natwest.com/personal/life-moments/bereavement/bereavement-service.html

getmore4less

Keep_pedalling wrote: »

When my step father died his joint account with my mother was simply converted to a sole account in her name. It was not frozen even for a short time. This was with Barclays, but it seems Natwest will do exactly the same.

https://personal.natwest.com/personal/life-moments/bereavement/bereavement-service.html

Standard process, just take the name off.

Changing accounts would be extremely disruptive for a lot of people.

looking at nationwide T&C for current accounts.

https://www.nationwide.co.uk/~/media/MainSite/documents/products/current-accounts/shared/P857_ImportantInformation_TandC.pdf

If you’re applying for a joint account:
Please remember that while many couples find joint accounts useful and convenient, there are some things you need
to be aware of:
• all funds in the account belong jointly to the account holders so each of you is entitled to withdraw all of the
money in the account, even if your relationship breaks down (including divorce and separation) - this means
that any one of you may withdraw all the money in the account unless you tell us to freeze or stop the account to
prevent this from happening
• if a joint account holder dies, the other account holder is entitled to all of the money in the account and the
account will stay open in their name
• unless the law says differently, we will not be concerned about how you divide the money in the account
• if you open a joint account, all the holders are our members - however, only the first named account holder has
the right to vote on Nationwide matters
• if you have an account in joint names you will have joint and several liabilities for the account - this means
that if the account is not managed properly, we can pursue both or either of the joint account holders for any
outstanding balance.