Power of Attorney access to Nationwide accounts being limited

I've finally got Power of Attorney for an elderly relative who does all her banking with Nationwide and has a lot of money there.  I'm in the process of contacting Nationwide with the POA document, but I've discovered that as I don't personally bank with them, they will allow neither Phone banking (beyond enquiries only) nor Internet/App banking.  They will essentially allow the Attorney (to the exclusion of the donor of the POA) only a cheque book and a bank card.  Refusal to allow two cards is sad as the donor must lose their card which they could still have used under my supervision.  Another blow to their self esteem as they slide into dementia.

This minimal service reduces my ability to run their accounts to visiting a branch during office hours to request money transfers, rather difficult for me, or writing people cheques.  Remember those?  It's like a day trip to the 1980s.

I realise that Nationwide must protect accounts, but having been vetted by a slow Court process to obtain the POA, Nationwide imposing restrictions that few other banks do makes no sense.  We will likely close the accounts and open new ones with a bank that allows online account management.  Nationwide have been really friendly and helpful in branch, even holding the old lady's card in their safe as she kept losing it in confusion.  But these restrictions feel like a 'Please go away' notice for those relatives with POA trying to run their loved one's financial lives for them.  Can anyone explain why?
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Comments

  • Rodders53
    Rodders53 Posts: 2,625 Forumite
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    Agree.  Open a NW account.  If that then means you can access the Donors accounts under your POA. Likely the simplest and quickest thing to do and will make all the record keeping simpler, too.


  • NorthernGuy
    NorthernGuy Posts: 43 Forumite
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    edited 27 March 2024 at 11:08AM
    Yes I may, reluctantly, but it isn't clear at this early stage what kind of account would be accepted.  A small savings account, OK,  My current account for daily banking?  No chance.  Either way, makes no rational sense, depositing some cash there makes me no more trustworthy.
  • SiliconChip
    SiliconChip Posts: 1,784 Forumite
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    You mention that the restrictions are in place because you do do not personally bank with NW.

    Pragmatically, could you not open a current account with them to make access less restrictive? I agree that the restrictions seem harsh but in the circumstances perhaps a workaround might be the simplest solution 

    Or if you really don't want to go down this route you could discuss with your relative whether she would consider switching her NW account to a bank that you already use (that's assuming she still has capacity, without that it could be tricky to argue that a switch organised under the POA is in her best interests).
    As an aside, is all the NW money in a current account (you mention bank card and cheque book)? If so she should really consider putting some of it into savings accounts, and if she has more than £85K, spreading it to more than one provider to ensure she has FSCS protection for the full amount.
  • You mention that the restrictions are in place because you do do not personally bank with NW.

    Pragmatically, could you not open a current account with them to make access less restrictive? I agree that the restrictions seem harsh but in the circumstances perhaps a workaround might be the simplest solution 

    Or if you really don't want to go down this route you could discuss with your relative whether she would consider switching her NW account to a bank that you already use (that's assuming she still has capacity, without that it could be tricky to argue that a switch organised under the POA is in her best interests).
    As an aside, is all the NW money in a current account (you mention bank card and cheque book)? If so she should really consider putting some of it into savings accounts, and if she has more than £85K, spreading it to more than one provider to ensure she has FSCS protection for the full amount.
    She's beyond those kind of conversations sadly, we'd have to switch banks for her with resultant confusion.  Most of the NW money is in savings accounts without card access, so essentially secure.  I'm expecting to have to pay for her care, perhaps buy somewhere sheltered quite soon, so the balance won't be so high for very long.  It's just annoying not to be granted the same account access as the person themselves had, it does not prevent fraud or help anyone, unless NW would quietly prefer their POA managed accounts chose to go elsewhere.
  • Nasqueron
    Nasqueron Posts: 10,551 Forumite
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    Yes I may, reluctantly, but it isn't clear at this early stage what kind of account would be accepted.  A small savings account, OK,  My current account for daily banking?  No chance.  Either way, makes no rational sense, depositing some cash there makes me no more trustworthy.
    You could open a basic current account and operate it like a spare, you don't need to move your banking to them

    Sam Vimes' Boots Theory of Socioeconomic Unfairness: 

    People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.

  • Rodders53
    Rodders53 Posts: 2,625 Forumite
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    edited 27 March 2024 at 12:26PM
    I have a NW current account.  (and some savings a/cs)

    It's completely separate from the joint HSBC account my wife and I use for day to day banking into which my pensions are paid.

    I think you are making things more difficult than needs be.
  • Shakin_Steve
    Shakin_Steve Posts: 2,812 Forumite
    Ninth Anniversary 1,000 Posts Photogenic Name Dropper
    Nasqueron said:
    Yes I may, reluctantly, but it isn't clear at this early stage what kind of account would be accepted.  A small savings account, OK,  My current account for daily banking?  No chance.  Either way, makes no rational sense, depositing some cash there makes me no more trustworthy.
    You could open a basic current account and operate it like a spare, you don't need to move your banking to them
    A basic account is only for people who don't have another current account.
    I came into this world with nothing and I've got most of it left.
  • Notepad_Phil
    Notepad_Phil Posts: 1,527 Forumite
    Fifth Anniversary 1,000 Posts Name Dropper
    Yes I may, reluctantly, but it isn't clear at this early stage what kind of account would be accepted.  A small savings account, OK,  My current account for daily banking?  No chance.  Either way, makes no rational sense, depositing some cash there makes me no more trustworthy.
    I doubt that they'll expect you to move your day to day banking to them, but they may want you to open a current account which you can open and just put a token amount in there. Nationwide don't usually have restrictions on having to put any amount of money through every month, so I think it's more a case of them wanting you to go through their security processes of opening an account that they want to happen.
  • Nasqueron
    Nasqueron Posts: 10,551 Forumite
    Tenth Anniversary 10,000 Posts Photogenic Name Dropper
    Nasqueron said:
    Yes I may, reluctantly, but it isn't clear at this early stage what kind of account would be accepted.  A small savings account, OK,  My current account for daily banking?  No chance.  Either way, makes no rational sense, depositing some cash there makes me no more trustworthy.
    You could open a basic current account and operate it like a spare, you don't need to move your banking to them
    A basic account is only for people who don't have another current account.
    I meant basic as in a normal current account purely for this purpose

    Sam Vimes' Boots Theory of Socioeconomic Unfairness: 

    People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.

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