Power of attorney for joint account

maurice28

Apologies if this is in the wrong place, or is a silly question, but hoping someone might be able to help clarify!

My father has dementia and myself and my sister have recently registered a power of attorney for both health and for property and financial affairs. My dad gets confused but would still be counted as having mental capacity. Mum still has her mental capacity too.

I'm aware now we have the financial PoA we need to register it with the bank. Mum and dad have joint savings and a current account with the same bank - I believe they can make withdrawals etc independently of each other. How does this work with the PoA? If we register it with the bank but say that currently, cards, correspondence etc stays with the account holder (my dad is the first listed) then my mum could still operate the joint accounts? But myself and my sister, as attorneys, could also do this if she felt she needed/wanted us to?

Just wanted to make sure registering the PoA doesn't then end up locking my mum out of the account!

Sorry if that is garbled and doesn't make sense, but hoping someone can help clarify.

Keep_pedalling

It would be better if your parents split their finances and set up individual accounts for each of them. This would probable be best done in branch with your mum and the attorneys making an appointment. 

Keep_pedalling

Does the LPA allow you and your sister to act jointly and severally or just jointly?

Vortigern

It depends on the bank concerned.  Ideally both parents will retain their debit cards and online access. The attorneys should receive a debit card and have their own online access.

I have heard of banks that would withdraw the donor's access and cards. Others impose tight restrictions on what the attorney can do.

Ask your parents' bank what their procedure is. Ask if they have a specialist (off-site) team dealing with powers of attorney. Sometimes branch staff have little experience of PoA and will give inaccurate information.

Check the banks' websites for accurate information.

maurice28

Thanks both - my sister and I can act jointly and severally.

Looking at the application form for the bank, it seems that for cards and chequebooks you choose either the account holder OR attorney 1 OR attorney 2 - so yes, looks like if my sister or I received a card it would replace my parents' access.

Looks like we can't register for internet bank access as the account is a joint account, so everything would have to be done in branch. 

Sorry, looks like I am answering my own questions here now!

Keep_pedalling

maurice28 said:

Thanks both - my sister and I can act jointly and severally.

Looking at the application form for the bank, it seems that for cards and chequebooks you choose either the account holder OR attorney 1 OR attorney 2 - so yes, looks like if my sister or I received a card it would replace my parents' access.

Looks like we can't register for internet bank access as the account is a joint account, so everything would have to be done in branch. 

Sorry, looks like I am answering my own questions here now!

If they only have one bank then I think going in will be best, they will produce a certified copy of the LPA for there own use and can arrange to set up new accounts and cards for the attorneys at the same time. You can do this at any branch but best to make an appointment so that they have advanced warning  of why you need the meeting and hopefully will appoint a member of staff who is familiar with the process. 

xylophone

See ( P 12 under 

Attorneys acting on behalf of a joint account holder)

https://assets.publishing.service.gov.uk/media/63319023e90e0711cf9f8603/manage-a-bank-account-for-someone-else-large-print.pdf

maurice28

Thank you so much both, that's really helpful!