Locked account

eskbanker

wisemk said:

As far as I'm aware we haven't bent any rules, I believe my father is entitled to seek help with his finances and the bank were made fully aware of his proposal to transfer money to high interest accounts. They were also told and registered the 2 devices that would be used. But please correct me if I'm wrong about breaking any rules. 

I was under the impression that you were using an app on your phone to access his account, but without formalising this properly via power of attorney or third party mandate? There's a big difference between seeking help with finances (in an advisory capacity) and a third party directly accessing an account without proper authority.

sheramber

Do you realise your father's money  only has  Government protection up to £85k in one banking group.

eskbanker

sheramber said:

Do you realise your father's money  only has  Government protection up to £85k in one banking group.

Do you realise that there's no government protection as such, but that FSCS offers protection that's funded by the financial services industry?

wisemk

eskbanker said:

sheramber said:

Do you realise your father's money  only has  Government protection up to £85k in one banking group.

Do you realise that there's no government protection as such, but that FSCS offers protection that's funded by the financial services industry?

Yes thanks, I do understand that only £85,000 is protected which is why we are trying to invest the money elsewhere. Just one point though, as Lloyds and Halifax come under the same parent company, is the protection £85,000 in each bank or just one £85,000 under the parent company?

eskbanker

wisemk said:

eskbanker said:

sheramber said:

Do you realise your father's money  only has  Government protection up to £85k in one banking group.

Do you realise that there's no government protection as such, but that FSCS offers protection that's funded by the financial services industry?

Yes thanks, I do understand that only £85,000 is protected which is why we are trying to invest the money elsewhere. Just one point though, as Lloyds and Halifax come under the same parent company, is the protection £85,000 in each bank or just one £85,000 under the parent company?

My post was really just a tongue in cheek response to the previous poster about the source of the protection but Lloyds and Halifax have different licences so don't share the £85K limit:

Lloyds, Halifax and Bank of Scotland are all part of the Lloyds Banking Group, but only Halifax and Bank of Scotland share protection – Lloyds has its own, separate protection.

https://www.moneysavingexpert.com/savings/safe-savings/#whatcounts

wisemk

Update. Today I took my father to Lloyds bank again. They unlocked his account as promised. We asked if they could transfer £20,000 to his Lloyds ISA, and £45,000 to me so that I could transfer it to his savings accounts with Chip and Atom. My father expressed that he wished this to happen, but they refused on both transactions. Another 2 hrs spent trying to gain access to his money.

I have applied for 3rd party access to his accounts. When granted the new card will only be sent to his house, which means another lengthy trip to pick it up. This new card card only be used in a Lloyds bank to transfer money to other accounts in his name, or to pay a bill. So for every bill that needs to be paid I will have a 20 mile round trip. To refund myself for the £500+ that he owes me, I will have to take cash out of a machine and pay it straight back into my account.

I cannot believe how difficult it is for him to get access to his money.

molerat

The big red flag to the bank is that the classic fraud  / abuse signs are showing here, you taking him in to the bank to transfer a large amount to your account.  If it were to be a fraud situation the bank would be on the hook to pay it back.  I can't see why they would not transfer to his ISA with them though.

wisemk

molerat said:

The big red flag to the bank is that the classic fraud  / abuse signs are showing here, you taking him in to the bank to transfer a large amount to your account.  If it were to be a fraud situation the bank would be on the hook to pay it back.  I can't see why they would not transfer to his ISA with them though.

The only reason I said transfer it to me is because they refused to transfer it to the savings accounts in his name. I am his only family now, he cannot pay his bills or manage his day to day life. How can I prove that I have his best interests?
If I refused to fund him he would have run out of food by now and had people chasing him for unpaid bills. 
As I have said before, he is losing £11.5 a day in interest, which the bank is pocketing, who is the one that is ripping him off?

xylophone

That they would refuse a transfer from his Lloyds current account to his Lloyds ISA is indeed very strange.

With regard to your father's bills, aren't they paid by DD/SO from his Lloyds current account?


https://www.lloydsbank.com/help-guidance/supportandwellbeing/someone-to-manage-your-affairs.html

I can't quite understand the difficulties you are facing as your father has mental capacity and seemingly has made his wishes clear to Lloyds Bank - see link above.

wisemk

xylophone said:

That they would refuse a transfer from his Lloyds current account to his Lloyds ISA is indeed very strange.

With regard to your father's bills, aren't they paid by DD/SO from his Lloyds current account?


https://www.lloydsbank.com/help-guidance/supportandwellbeing/someone-to-manage-your-affairs.html

I can't quite understand the difficulties you are facing as your father has mental capacity and seemingly has made his wishes clear to Lloyds Bank - see link above.

Most of his regular bills are DD, like council tax, EON and BB. But the most recent bills have been TV licence (yearly), care fees, LPA and Green bin. I have to order his weekly shop online, pay his friend for incidentals and other bits an pieces that crop up.

With regard to the link you provided, the LPA would give me full access, but this is not a quick fix. All I can apply for is Third-party mandate, which I have done, but it gives very limited access and doesn't allow me to transfer money to mine or his friends account to reimburse us for money spent.

Guess I'm going to have to wait the 8 weeks before the ombudsman can get involved. But thanks for your help