Nationwide Bank Account Freezing

smasham007

I know this makes no difference to the situation, but I think I need to just clear up a couple of things here. 

I have actually moved the 25k to my partners acc & I did this solely to avoid me paying income tax on the interest, otherwise I would have sent it direct to my acc, because at that time I didn’t know I wasn’t allowed to move a large amount of money directly or indirectly to my acc from my parents. It was only when I went into the branch to move the rest, that I was told I am not allowed to move money directly from my parents to mine. I was actually relieved that I hadn’t done this. My intention was at some point in the future to move it to my acc. 

I didn’t say anything about this earlier because it doesn’t really matter whether I did or didn’t know, as the result is the same. It just clears up that I was being ignorant of the rules & not deviant of them, as it kept getting mentioned that I was knowingly circumnavigating the cash. Had I known I may well have looked into what I wanted to do in more detail & the implications it involved.

Due to my mum having full mental capacity, I wrongly assumed I could do what I liked with my parents finances as long as I had her blessing. I now see this is not the case.

Barkin

smashem196 said:

 at that time I didn’t know I wasn’t allowed to move a large amount of money directly or indirectly to my acc from my parents. 

[...] 

I didn’t say anything about this earlier because it doesn’t really matter whether I did or didn’t know, as the result is the same. It just clears up that I was being ignorant of the rules & not deviant of them, as it kept getting mentioned that I was knowingly circumnavigating the cash. 

As I read your OP, that's precisely what you were doing, and you knew why... 

smasham007

Yes it does & I was aware of that when I wrote/typed it, as I thought it didn’t really matter, but after the comments of circumnavigating, I felt I just needed to clarify the point.

smasham007

OP should check the option selected by their parents (listed on it I imagine, along with whether there are any other attorneys (e,g. whether mum can also act for dad) and if so, whether the attorney is joint or joint and several. If they have selected only when they lose capacity, then they only have the authority to act for their dad at the present time.

I have just been informed by a solicitor that an EPOA is only supposed to be registered with the OPG when the donor has lost mental capacity. A LPOA can be registered immediately & I presume the options of when to use it will be on it(need to check mine) I only registered my parents EPOA because NW told me they are not valid until I do, which I now know to be incorrect info(well for my mum anyway)This also means that the OPG think both my parents have lost mental capacity, which is incorrect. My mum can of course withdraw it, but I’m not sure whether that is the correct thing to do now.

sheramber

smashem196 said:

OP should check the option selected by their parents (listed on it I imagine, along with whether there are any other attorneys (e,g. whether mum can also act for dad) and if so, whether the attorney is joint or joint and several. If they have selected only when they lose capacity, then they only have the authority to act for their dad at the present time.

I have just been informed by a solicitor that an EPOA is only supposed to be registered with the OPG when the donor has lost mental capacity. A LPOA can be registered immediately & I presume the options of when to use it will be on it(need to check mine) I only registered my parents EPOA because NW told me they are not valid until I do, which I now know to be incorrect info(well for my mum anyway)This also means that the OPG think both my parents have lost mental capacity, which is incorrect. My mum can of course withdraw it, but I’m not sure whether that is the correct thing to do now.

This link explains cancelling a EPOA when it has been registered .

https://www.gov.uk/use-or-cancel-an-enduring-power-of-attorney

Your mother can then set up a LPOA which can be used before the donor lacks mental capacity.

General_Grant

smashem196 said:

OP should check the option selected by their parents (listed on it I imagine, along with whether there are any other attorneys (e,g. whether mum can also act for dad) and if so, whether the attorney is joint or joint and several. If they have selected only when they lose capacity, then they only have the authority to act for their dad at the present time.

I have just been informed by a solicitor that an EPOA is only supposed to be registered with the OPG when the donor has lost mental capacity. A LPOA can be registered immediately & I presume the options of when to use it will be on it(need to check mine) I only registered my parents EPOA because NW told me they are not valid until I do, which I now know to be incorrect info(well for my mum anyway)This also means that the OPG think both my parents have lost mental capacity, which is incorrect. My mum can of course withdraw it, but I’m not sure whether that is the correct thing to do now.

Does Nationwide also think your mother has lost mental capacity?
If they do, why are they phoning her about the transfer?
If they don't, why is their understanding different from that of the OPG?

smasham007

General_Grant said:

Does Nationwide also think your mother has lost mental capacity?

If they do, why are they phoning her about the transfer?
If they don't, why is their understanding different from that of the OPG?

NW won’t tell me anything, so I don’t know what they think for sure. I guess by them ringing my mum up several times, they were trying to determine whether or not she has MC, so they are maybe treating it as a LPOA. 🤷‍♂️

Hoenir

General_Grant said:

smashem196 said:

OP should check the option selected by their parents (listed on it I imagine, along with whether there are any other attorneys (e,g. whether mum can also act for dad) and if so, whether the attorney is joint or joint and several. If they have selected only when they lose capacity, then they only have the authority to act for their dad at the present time.

I have just been informed by a solicitor that an EPOA is only supposed to be registered with the OPG when the donor has lost mental capacity. A LPOA can be registered immediately & I presume the options of when to use it will be on it(need to check mine) I only registered my parents EPOA because NW told me they are not valid until I do, which I now know to be incorrect info(well for my mum anyway)This also means that the OPG think both my parents have lost mental capacity, which is incorrect. My mum can of course withdraw it, but I’m not sure whether that is the correct thing to do now.

Does Nationwide also think your mother has lost mental capacity?
If they do, why are they phoning her about the transfer?
If they don't, why is their understanding different from that of the OPG?

The mother would appear to have had the mental capacity to approve the monetary gift.  Making independent enquiries would seem appropriate. Given the severity of the situation. 

friolento

smashem196 said:

I know this makes no difference to the situation, but I think I need to just clear up a couple of things here. 

I have actually moved the 25k to my partners acc & I did this solely to avoid me paying income tax on the interest, otherwise I would have sent it direct to my acc, because at that time I didn’t know I wasn’t allowed to move a large amount of money directly or indirectly to my acc from my parents. It was only when I went into the branch to move the rest, that I was told I am not allowed to move money directly from my parents to mine. I was actually relieved that I hadn’t done this. My intention was at some point in the future to move it to my acc. 

I didn’t say anything about this earlier because it doesn’t really matter whether I did or didn’t know, as the result is the same. It just clears up that I was being ignorant of the rules & not deviant of them, as it kept getting mentioned that I was knowingly circumnavigating the cash. Had I known I may well have looked into what I wanted to do in more detail & the implications it involved.

Due to my mum having full mental capacity, I wrongly assumed I could do what I liked with my parents finances as long as I had her blessing. I now see this is not the case.

You need to make sure you give a consistent account. You have now given a different reason for why you tried to move the money into your partner's account. If you did similar in your communication with Nationwide, this would have raised alarm bells.

smashem196 said:

Hi all, I recently was gifted some money from my parents, which has been in a bond for 4yrs. The bond matured & was sent to my parents nominated acc. I have POA on their acc & moved 25k of it to my partners acc, as POA’s are not allowed to move large amounts of money directly into their own acc’s. I wanted to move all of the gifted money the same day, so I rang the bank & asked them how I can do this. The agent said you will have to go into your local branch to do it. I went to the branch & was told this wasn’t possible, so I resigned myself to moving the money the following day online. 

Later that day found out all our acc’s had been frozen & no amount of ringing the bank would change the situation. The specialist support team are now investigating our acc’s & have rung my mum 4 times asking her does she know about the 25k being transferred & what relation is my partner to her. My mum has told them all is ok with what I am doing, but Nationwide will not unfreeze our acc’s until they finish their review, which they say will take as long as it takes. NW say they don’t freeze acc’s unless there is good reason to do this. I disagree with them & think what they have is very heavy handed & wrong, as I was up front with them about the whole process & don’t see how else I could have moved this gift. Has anyone else experienced this kind of situation & if so how did they handle it. My 90yr old parents have had no access to their acc’s for 3 weeks now, which I think is absolutely outrageous. There is no dodgy goings on with their acc, so I really don’t see why there was a need to do this. Hopefully someone one on here can offer some good advice to help me get this situation resolved asap. Thankyou.

MattMattMattUK

smashem196 said:

General_Grant said:

Does Nationwide also think your mother has lost mental capacity?

If they do, why are they phoning her about the transfer?
If they don't, why is their understanding different from that of the OPG?

NW won’t tell me anything, so I don’t know what they think for sure. I guess by them ringing my mum up several times, they were trying to determine whether or not she has MC, so they are maybe treating it as a LPOA. 🤷‍♂️

They cannot tell you because it is an active fraud investigation, you just have to wait out the process.