Restricting Cash Withdrawals for Elderly

Emily_Joy

travelbug63 wrote: »

Please can anyone advise me whether there is a Bank account that restricts cash withdrawals to your chosen limit?

CoOp has a limit of £250 per day by default. Try asking via online chat - in my experience it is surprisingly helpful.

Westie983

okidoodle wrote: »

OP, if your mother still lives in her own home, have you checked that the cash isn't hidden in the house? When my grandmother went into a home we found approximately £5000 in small pockets of cash hidden around her house in cupboards, under floorboards etc.

Purses, my nan had lots of purses with money in them.

Posts above a right having POA registered doesn't stop the donor having access to their accounts, but banks can reduce the ATM limits if asked I think the minimum is £50 but that wont stop withdrawals from counters (that still exist) or the post office.

Westie983

travelbug63

Thanks for the replys.
Just to clarify, I may well have PoA but I also don't want to take my Mums freedom away (or her dignity).
She lives on her own (although has a carer popping in for an hour in the morning), goes out shopping and goes to local restaurants, I have no problem with her having access to her account but just want to restrict the cash she takes out- Which over the last year has averaged £800 per month, usually in £200 chunks, she just doesn't need that amount of cash, and neither her or I can work out where it goes.
To complicate things I live 200 miles away so can't just pop in with cash for her

travelbug63

elsien wrote: »

Part of having capacity around money would include knowing where it's going, even if someone is still physically able to access it.
(Of course she may have a bad gambling habit she doesn't want to admit to?)

Do you have concerns that mum is being taken advantage of? How much money at a time and what is there to show for it? Could she be giving money to someone else?

No she doesn't have a gambling habit but yes I do have concerns that she is been taken advantage of. As mentioned in my last post, it was £200 a time, I managed to persuade her to take it down to £100 but this lasted for just 1 withdrawal and it's was £150 yesterday.

travelbug63

Westie983 wrote: »

Purses, my nan had lots of purses with money in them.

Posts above a right having POA registered doesn't stop the donor having access to their accounts, but banks can reduce the ATM limits if asked I think the minimum is £50 but that wont stop withdrawals from counters (that still exist) or the post office.





Westie983

Thanks Westie, and it's finding a Bank that will restrict to £50 that I'm looking for

GazHatesBanks

You can try Natwest - many years ago a friend of mine had hiscard stolen and a lot of money was withdrawn. To stop this happening again, they agreed to restrict cash withdrawals to £100 a day (instead of the usual £250/£500) and that restriction is still in place so there's no reason why the daily limit can't be changed.

xylophone

I am assuming that at the moment your mother has only one bank account into which her pensions etc are paid and from which her bills etc are met and that this is the account from which the withdrawals are being made and to which you have access as PoA.

Ask her to give you her ATM card for this account.

Open a savings account with ATM card for her with YBS.

Fund this monthly from the bank account with an amount to cover her needs.

Although it permits withdrawals up to £250 a day, she can't go overdrawn on a savings account.

https://www.ybs.co.uk/savings/product.html?id=YB010306B

If she withdraws her full allowance, she'll have to contact you to ask for the account to be credited with more cash and this will enable you to check what is going on.

Emily_Joy

xylophone wrote: »

Open a savings account with ATM card for her with YBS..

What is advantage of YBS here? NatWest, Lloyds, and Nationwide all give an ATM card with their savings accounts as well.

xylophone

What is advantage of YBS here? NatWest, Lloyds, and Nationwide all give an ATM card with their savings accounts as well.

It was just a suggestion - I suppose I should have put "for example".

EarthBoy

Emily_Joy wrote: »

What is advantage of YBS here? NatWest, Lloyds, and Nationwide all give an ATM card with their savings accounts as well.

Nationwide only give you an ATM card if you apply for the account in a branch, not online. Also, the card isn't a LINK card and you can only use it in Nationwide cash machines, so it's no use unless you have a Nationwide branch near you.