Power of Attorney access to Nationwide accounts being limited

Zanderman

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.

Not sure why you're so reluctant and worried. Just open a Nwide current account. Put £2 in it. Register for online banking. Job done. No need to use the account at all. 

xylophone

I meant basic as in a normal current account purely for this purpose

As "basic" has a certain connotation when relating to bank accounts, better to use "standard/everyday".....

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NorthernGuy

Zanderman 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.

Not sure why you're so reluctant and worried. Just open a Nwide current account. Put £2 in it. Register for online banking. Job done. No need to use the account at all. 

Worried?  Who said worried? I don't understand why someone they allow to move money by card or cheque is blocked from doing so by phone or online.  Reluctant?  I don't normally give business to organisations that create needless obstacles.  I'll see if a token deposit account will unlock online banking, but if it doesn't, I'll just move all funds to one of the many major banks who behave more reasonably.

WillPS

Surely a savings account would be sufficient to get access to Nationwide's remote banking services?

26left

NorthernGuy said:

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.

Why not ask Nationwide to turn it into a joint account with you? Then you have a card each - full access to keep an eye on things, etc?

NorthernGuy said:

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?

It will probably be as something as stupid as an IT issue - most systems aren't design to cope with the edge cases of POA etc.

HobgoblinBT

Have you considered changing the Nationwide current account to a joint account?

SiliconChip

NorthernGuy said:

Zanderman 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.

Not sure why you're so reluctant and worried. Just open a Nwide current account. Put £2 in it. Register for online banking. Job done. No need to use the account at all. 

I'll see if a token deposit account will unlock online banking, but if it doesn't, I'll just move all funds to one of the many major banks who behave more reasonably.

As I said in my previous post, given the lack of capacity you'll need to have a good argument that it's in her best interests to move all the money to another bank, I'm not sure that NW putting what are relatively easily avoided obstacles in your way would count for much.

xylophone

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?

Nationwide will insist (as of course is their right) on their procedures being followed.

Relative (who was in fact himself a current account holder with NW) was  also PoA for a relative's NW accounts - he did find NW very 

rigid but in fact never needed either a card or a chequebook for these accounts - he found that on line banking worked perfectly well in 

terms of moving money in and out of the account.

Relative also managed current accounts and savings in Santander and Barclays - he did have cards but said he almost never needed them as on line banking worked so well.

Zanderman

26left said:

Why not ask Nationwide to turn it into a joint account with you? Then you have a card each - full access to keep an eye on things, etc?

HobgoblinBT said:

Have you considered changing the Nationwide current account to a joint account?

Doing that would be against the rules of PoA. Not a good idea at all.

PoA gives someone the right to manage someone else's money. It has to be kept separate from your own accounts.  As it's never your money..

Being added to their account as a joint account holder is, legally-speaking, entirely different as it makes the money jointly owned. And it's not jointly owned.  

NorthernGuy

Yes creating a joint account would be a very bad idea indeed.  You're looking after someone else's money and it needs to be entirely separate. 

Regards the earlier post that I'd need a good reason to switch to another bank account, I have no idea where that notion came from?!  I don't know who you think Polices the switching of bank accounts, but as it wouldn't cost a penny and might make administration for the Attorney easier, there could be no objection I can think of nor organisation who'd either notice or care.  So long as the donor isn't losing money, job done.