Finding the right account

James_More

I am the Lasting Power of Attorney acting on behalf of a elderly parent diagnosed with an impulsive spending disorder and I need to put controls in place. To do this I need to find an account type that I can deposit lets say £5-£10 each day, and limits use only to ATM's and point of sale card readers. Because of the nature of the diagnosed condition, I cannot allow my parent to set up standing orders or direct debits. Does such an account exist?

jonesMUFCforever

A simple savings account that comes with an ATM card (no shopping though).

colsten

James_More said:

I am the Lasting Power of Attorney acting on behalf of a elderly parent diagnosed with an impulsive spending disorder and I need to put controls in place. To do this I need to find an account type that I can deposit lets say £5-£10 each day, and limits use only to ATM's and point of sale card readers. Because of the nature of the diagnosed condition, I cannot allow my parent to set up standing orders or direct debits. Does such an account exist?

Starling Connected Card may be? https://www.starlingbank.com/features/connected-shopping-card/

James_More

@jonesMUFCforever
I looked at that but still need to purchase things like food, beverages, clothes etc. In a covid world would prefer this to be done contactless rather than by handling Cash. I looked at a pre-paid visa or master card or monnzo but they all seem to have the  facility to set up direct debits which is something that has to be avoided. 
This can't be a unique situation. Does anyone else have an idea.. or is this a genuine gap in the financial product market?

jonesMUFCforever

Have you registered the PoA with the bank?
Explain to them what the problem is - they can put an indicator on the account not to set up direct debits or standing orders - but if he has a debit card they would not be able to stop a continuous  payment from being set up.
Once registered as attorney you could set up Internet Banking to keep an eye on things.

TheMightySwordfish

Can't you just top up their account from yours. It sounds like you are complicating something unnecessarily. Many of the Banks have apps that make moving money easy. The main thing is them only being able to spend up to what is in the account and not over.

Also some accounts can put locks on the card for different types of spending. 

colsten

James_More said:

 Does anyone else have an idea.

Did you look at Starling? What did you conclude?

whitesmith

If you do not want the ability to set up standing orders and direct debits then you could possibly be looking at a savings type account

you might want to consider a cash card account for example the Yorkshire Building Society cash card account

colsten

TheMightySwordfish said:

Can't you just top up their account from yours. 

How would that stop the parent from setting up SOs and DDs?

TheMightySwordfish

With LPoA aren't there stops put on the account? Isn't that the point? 

EarthBoy

whitesmith said:

you might want to consider a cash card account for example the Yorkshire Building Society cash card account

Yorkshire Building Society withdrew their cash card account about two years ago.