Power of Attorney access to Nationwide accounts being limited

NorthernGuy

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?

flaneurs_lobster

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 

Rodders53

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

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

flaneurs_lobster said:

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.

NorthernGuy

SiliconChip said:

flaneurs_lobster said:

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

NorthernGuy 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

Rodders53

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

Nasqueron said:

NorthernGuy 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.

Notepad_Phil

NorthernGuy 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.

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

Shakin_Steve said:

Nasqueron said:

NorthernGuy 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