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Dual Authorisation?

edited 30 November -1 at 12:00AM in Budgeting & Bank Accounts
5 replies 446 views
TheCadTheCad Forumite
1 posts
edited 30 November -1 at 12:00AM in Budgeting & Bank Accounts
Hi

I am divorced and the court have asked that money for my children is held in a bank account requiring both parents to authorise a transaction. We do not live near each other and therefore I am looking for an on-line solution. Many business accounts work like this where a 2nd user is required to login and authorise a payment but I can't find an equivalent for personal banking - any ideas?

Thanks in advance

Peter

Replies

  • colstencolsten Forumite
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    This sounds rather messy, and I am surprised a Court would order such an arrangement. I don't believe you get a current, or any online account, which requires two signatures. A current account would also create (or prolong) a financial relationship on your CRA files between you and your ex, which either or both of you might not wish to have. In addition, money that belongs to the children should be in their names, which narrows your choice of "normal" accounts quite considerably.

    You might be able to get some savings accounts, e.g. at traditional building societies such as Coventry Building Society, but they will almost certainly only operate Branch and/or Postal access

    You'd also have to agree what would happen if one of the signatories became unable to authorise payments.

    Would it be easier if each child had two accounts - one managed by one parent, and the other one by the other?
  • Ben8282Ben8282
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    Can you please clarify what money for the children you are talking about. Do you mean long term savings or do you mean day to day spending money?
  • jonesMUFCforeverjonesMUFCforever Forumite
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    No bank will entertain this kind of account.
    You cannot do this online as how would you get both parties to agree and how would this work on a practical way with te bank.
    What goes around - comes around
    give lots and you will always receive lots
  • xylophonexylophone Forumite
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    I don't see how this could be done on line.

    Either you would need a BS savings account with two to sign (branch or post only) or you will need a Trust account which will be cheque or personal attendance only.

    See here for the principle (although yours would be eg

    "The Cat Child Maintenance Trust" )- a solicitor could draw up the Deed.

    https://www.markthompsonlaw.com/best-bank-or-building-society-account-for-personal-injury-trust/personal-injury-trust-to-protect-personal-injury-compensation/

    You would need to be very organised if you wished to issue cheques.

    Otherwise you could both sign a Standing Order for a certain amount to be paid at the frequency required to the account of the parent with daily care of the children?
  • Ben8282Ben8282
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    Have you discussed this matter with your Solicitor or asked the court for guidance?
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