Parent savings account

Sarah69

Hi,

My mum and dad have a joint current account and separate savings account. My mum needs to get access to his savings account. My dad has had a stroke and also has Parkinson’s because of these he hasn’t got much of a memory and can’t remember his password. The bank have mentioned power of attorney but my mum doesn’t want them involved with this matter. Would the bank speak with my dad on the phone to gain access to his savings?

la531983

All he needs to do is pass security and then say he wants someone else to speak to them.

BTW who is "them" your mother speaks of?

Isthisforreal99

Sounds like POA is going to be needed at some point and also, as above, confused by the 'doesn't want them involved comment'

What will you do if dad can't pass phone security? Personally, it's that long since I've had to phone I would have difficulty remembering - depending on what is asked.

mills112

as said above, as long as he can pass the security checks on the phone, he can tell the bank to speak to your mother as she is helping him.

or you can ask for a password reminder online or password reset?

Sarah69

https://forums.moneysavingexpert.com/discussion/comment/81858445#Comment_81858445

‘Them’ are his power of attorney.

kermchem

https://www.moneysavingexpert.com/family/power-of-attorney/

PoA is a process by which Dad (while he is still able) gives permission to Mum, you, siblings, persons of HIS choice to make his financial and health decisions. There is no "them", if them means anonymous lawyers, courts, etc..

Sadly, "them" , i.e., courts etc will get involved is he does NOT have a PoA in place.

friolento

https://forums.moneysavingexpert.com/discussion/comment/81858514#Comment_81858514

It sounds like someone does have PoA for your dad? Can you clarify please?

LHW99

Is there not a "lost password" link on the login page? That usually sends a code either by email or on the phone so that a new password can be chosen.

Once retrieved, maybe something like Keypass would help him - once set up it can automatically fill in the user name / password for any site. It encrypts the database and just needs a single pass word (or phrase) which can be anything he / you is likely to remember

Keep_pedalling

https://forums.moneysavingexpert.com/discussion/comment/81858514#Comment_81858514

It sounds like she does not understand how LPAs work. His attorneys would be whoever he appointed, for example we have appointed each other and our children as our attorneys, so if either or both of us lose capacity our attorneys can take over running our finances.

While it is still possible both of them should set up LPAs especially for finance.

Ms_Chocaholic

Just to add we too have LPAs in place for each other, they are a necessity and can be completed yourselves without the need for a solicitor. They cost about £82 each, one each for health and one for finance. I would really recommend helping your parents do them. The only small difficulty I had was making sure I got it signed in the correct order but my best tip is to get everyone to sign it with the same date and it avoids any problems.

Your parents can appoint whoever they like as attorneys - maybe your dad can appoint your mum and you/siblings and your mum just your siblings (depends on your dad's long term health).

luci

I may be wrong, but it reads to me as if there is a PoA in place, but the OP doesn't want to ask the people who have PoA for them.