Letter of authorisation to bank

mr_vampy

Hello,
Hoping someone can help and advise.  For the past 10 years, my son have been depositing money (£50) into my bank account every week on my behalf.  He went in yesterday and the new cashier said he had no authorisation to pay in, saying it's because of money laundering and security reasons.  I will go into the bank with my son on Monday to pay that money in, and also take a letter authorising him to pay money in on my behalf.   I am not very good at writing business type letters.  Can anyone advise how I should word it and what details should be included.
Any help would be greatly appreciated.  Thank you.  

mab3000

Who do you bank with? 

I’m not sure they are going to accept a “letter of authorisation” written by yourself to allow your son to make future deposits for you in this way. 

The easiest way to deal with this is to order a paying in book for your account which your son should be able to use to pay into your account without issue. 

kuratowski

Do you have a Lasting Power of Attorney in place?

colsten

A third party mandate, offered by most banks, might be all that's needed. It doesn't have to be a full-blown POA.

It would be helpful if @mr_vampy can name the bank.

kuratowski

Agreed, LPA isn't essential.  But in my view, it's a good idea to have one ready - by the time you need it, it might be too late.  Given the relationship of trust that evidently already exists it's something to consider.

sheramber

Many banks no longer accept cash deposits from third parties.This is due to the possibility of you being used a money mule to deposit money in your account on behalf of someone else - money laundering.
If the bank accept a letter it would be in terms of I, mr vampy , authorise my son. sone of mr vampy, to deposit £x amount in my account no xxxxx.
signed   mr vampy
address

You need to check if the letter will be considered as giving third patry access to the account on a permanent basis, or will he need a letter each time.

eskbanker

I'd be surprised if it was possible to circumvent financial regulations via a letter, given the existence of third-party mandates and powers of attorney as formal ways of sharing access.

OP - if you can't go to the bank yourself, can your son not pay the cash into his own account and transfer it from there to yours, either by standing order or manually?

Zanderman

As eskbanker says, get your son to do this by bank transfer. Sorted.

etienneg

The more fundamental question is where is the £50 cash each week coming from? As this is a regular occurrence, why are you not able to receive that money in a different way that avoids cash (and the need to constantly be going to the bank)?

We (humans) seem very good at doing something in a particular way, and when the situation changes we automatically look for a way of continuing in that same particular way. Often it's better to take a step back and look for a better way.

mr_vampy

Thank you all for your advice.  I am with Lloyds bank and have been with them for nearly 40 years, using the same branch.   The money is always paid in using the paying in book.   The authorisation will be just for paying in only, not for withdrawals, transferring money, checking balances or any thing else.   I will try the letter approach first on Monday and see if they will accept it.  
Thanks again. 

sheramber

mr_vampy said:

Thank you all for your advice.  I am with Lloyds bank and have been with them for nearly 40 years, using the same branch.   The money is always paid in using the paying in book.   The authorisation will be just for paying in only, not for withdrawals, transferring money, checking balances or any thing else.   I will try the letter approach first on Monday and see if they will accept it.  
Thanks again. 

You would need to state that on the letter but II don't know if  that is possible. 
It is more likely a third party mandate which allows full access to the account.