Elderly Disabled Mum - How to Withdraw Money?

dollydiva · 15 June 2017 at 10:50AM

Mum has savings (around 13k) in her regular saver account with Lloyds and wants to close this account and withdraw her money to share out amongst the family.

Problem here is that she's housebound and can't make it into a Lloyds bank and she has no regular bank account -just this Saver account.

How can she withdraw her money? I can't for the life of me see how it can be done?

antrobus · 15 June 2017 at 10:55AM

dollydiva wrote: »

Mum has savings (around 13k) in her regular saver account with Lloyds and wants to close this account and withdraw her money to share out amongst the family.

Problem here is that she's housebound and can't make it into a Lloyds bank and she has no regular bank account -just this Saver account.

How can she withdraw her money? I can't for the life of me see how it can be done?

Open an online Lloyds Bank current account?

http://www.lloydsbank.com/current-accounts.asp?WT.mc_id=43700009613591461&WT.srch=1&gclid=CPym8JLKv9QCFTgo0wodxu0Mxw

Westie983 · 15 June 2017 at 10:56AM

Hi,

Are you sure the money is in a regular saver account ? as these type of accounts normally hold up to £6000 (£500 a month for a year) Lloyds allow only £250 a month in their regular saver accounts.

You mention that she doesnt have a bank account, how has your mother been funding the account?

Okay so to answer your question, your mum can transfer money over the telephone, you can also get a third party access form completed that will allow you to close the account, but this can only be applied if the correct ID is seen and the signature is correct on the bank system.

If this is not suitable, then your mother will just have to make either small payments to each member of the family, or transfer the money into a newly opened bank account where you then can have joint or POA access on it.

If you decide to go down the POA route.

Westie983

eskbanker · 15 June 2017 at 11:31AM

Westie983 wrote: »

Are you sure the money is in a regular saver account ? as these type of accounts normally hold up to £6000 (£500 a month for a year) Lloyds allow only £250 a month in their regular saver accounts.

I suspect that, since OP also refers to a 'regular bank account', they were meaning regular in the sense of 'normal' or 'standard' rather than the 'paid in every month' usage of the term?

xylophone · 15 June 2017 at 1:03PM

Is your mother on (or likely to need) means tested benefits?

If so, the question of deprivation of assets might require consideration.

Your mother might open (on line) a Classic current account with Lloyds bank which would give her internet access.

She could then make FPs to the bank accounts of the relatives in question.

le_loup · 15 June 2017 at 2:57PM

dollydiva wrote: »

Mum has savings (around 13k) in her regular saver account with Lloyds and wants to close this account and withdraw her money to share out amongst the family.

Are you sure you want to allow her to do that. If that's all she has, she may need it herself for who knows what. I would council her too keep it.

Keep_pedalling · 15 June 2017 at 9:43PM

If that is all the savings she has, she would be a fool to give it away.

She should however set up a lasting power of attorney so that her finances can be managed when she is unable to do so.

Maximum_Saving · 15 June 2017 at 10:18PM

She could open up new current accounts in order to use her money sensibly. I don't think she should give any money away. One day she might have a lasting power of attorney so her finances can be managed for her. If she wishes to apply for means tested benefits they have too high amounts and the person won't get the benefit.

teddysmum · 16 June 2017 at 2:45PM

Maximum_Saving wrote: »

If she wishes to apply for means tested benefits they have too high amounts and the person won't get the benefit.

Not true in the case of residential care (assets below £14250 are disregarded), but giving the money away to get other means tested benefits would be classed as deprivation of assets and she would be treated as though she still had the money.

Also,what would she do, if having given all away, she needs a new cooker, fridge etc or needs more care than her allowance will finance (levels provided are being shaved down all the time) ?

Because funding is in short supply, powers that be are becoming more stringent about their checking of people's assets.

GingerFurball_2 · 16 June 2017 at 2:51PM

xylophone wrote: »

Is your mother on (or likely to need) means tested benefits?

If so, the question of deprivation of assets might require consideration.

Your mother might open (on line) a Classic current account with Lloyds bank which would give her internet access.

She could then make FPs to the bank accounts of the relatives in question.

I'm sure a bank's fraud systems will see nothing wromg with an 86 year old suddenly registering for online banking to transfer all her money.

xylophone · 16 June 2017 at 3:14PM

I'm sure a bank's fraud systems will see nothing wromg with an 86 year old suddenly registering for online banking to transfer all her money.

Are you suggesting that an 86 year old customer of the bank would not be permitted to open a bank account, register for internet access and use it in the normal way?

Elderly Disabled Mum - How to Withdraw Money?

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