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    • 2tosign
    • By 2tosign 13th Feb 18, 12:18 AM
    • 12Posts
    • 0Thanks
    How can an account be protected
    • #1
    • 13th Feb 18, 12:18 AM
    How can an account be protected 13th Feb 18 at 12:18 AM
    I need to protect the funds of someone with a head injury from themselves as they are vulnerable and easily confused but not so bad they shouldn't have any say over their money.

    I set up 2 accounts with 2 to sign /all to sign. One was a saver account with most funds, one was a current account. Both were accessed by the relative on their own. My relative was taken to the bank by a builder and tens of thousands withdrawn. Bank said it was set up incorrectly. They then said they had set it up correctly. Relative then accepted a bank card the bank handed out and went on huge spending spree and the funds from the saver account were transferred to this account for spending. Spent tens of thousands. Now account is overdrawn, an 8200 loan is due to this bank and no funds are left. Relative has limited income and is unable to pay loan. Loan is unable to be refinanced due to lack of income.

    As one of the signatories on the account I and another relative are now held responsible for the overdraft (but not the loan).

    I rang the bank today to find a way of protecting the accounts for the future. They advised a multiple signature mandate. I said I had used one and it hadn't worked. They passed me on to another department for advice. I was given the same advice. Again I explained it hadn't worked. I am now waiting for the area manager to contact.

    Financial ombudsman said the bank can't stop a bank card being issued on a 2 to sign/all to sign account - but they didn't even let everyone know let alone ask them if it was OK. Is this right?
    Last edited by 2tosign; 13-02-2018 at 4:20 PM.
Page 2
    • 2tosign
    • By 2tosign 14th Feb 18, 9:43 PM
    • 12 Posts
    • 0 Thanks
    Yes, VA is in a grey zone between full capacity and lacking capacity. VA wants protection but will not think through his actions on a day to day basis. VA has the right to sack us at will - but he doesn't want that. He appreciates us trying (in vain) to protect him and apologises for the mess he has caused.
    Last edited by 2tosign; 14-02-2018 at 10:18 PM.
    • xylophone
    • By xylophone 14th Feb 18, 10:08 PM
    • 25,767 Posts
    • 15,225 Thanks
    So when he was told he couldn't withdraw money because the other trustee hadn't signed, he removed her from the trust completely.
    The Trustee/beneficiary hasn't removed the other Trustees so the mandate stands?

    And the clerk should not have issued a card on an account with more than one name without checking the mandate?
    • 2tosign
    • By 2tosign 14th Feb 18, 10:13 PM
    • 12 Posts
    • 0 Thanks
    Thanks xylophone. I just hope I can get FOS to see it that way. I'm only at the first stage of the process with them so I think it goes to someone more experienced next.
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