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    • jonnypetrovski
    • By jonnypetrovski 14th Jul 17, 8:37 AM
    • 6Posts
    • 0Thanks
    Limiting spend on a bank account
    • #1
    • 14th Jul 17, 8:37 AM
    Limiting spend on a bank account 14th Jul 17 at 8:37 AM
    My elderly uncle has had financial issues recently due to the fact that he is prone to making impulse purchases of things like CDs and books.
    We have got this sorted out and have him back on the right track, but we now want to look at the best way to help manage his day to day finances through his bank account, so that he can budget properly (I've been granted power of attorney for him).
    I want him to have access to a set amount each month rather than feeling that he can just spend what he wants.
    Any suggestions on how best to achieve this? Have thought about him only having a pre-paid card etc, but I'm really not too sure of the right route.
    Any thoughts gratefully received!
Page 1
    • Neil Jones
    • By Neil Jones 14th Jul 17, 8:47 AM
    • 1,236 Posts
    • 715 Thanks
    Neil Jones
    • #2
    • 14th Jul 17, 8:47 AM
    • #2
    • 14th Jul 17, 8:47 AM
    If you have access to the online banking you could just set up, say, a saving account, move all the money out of it into that account and then just move back an appropriate amount to cover bills.
    • Chalkius
    • By Chalkius 14th Jul 17, 8:47 AM
    • 104 Posts
    • 62 Thanks
    • #3
    • 14th Jul 17, 8:47 AM
    • #3
    • 14th Jul 17, 8:47 AM
    Does he buy online or in shops? If it's online I know some banks have a way of turning off online/mail order purchases. If it's in person maybe he could get a cash card only and some banks can change the limit on what someone can withdraw per day. If someone has to go to the ATM to be able to make their impulse buy often it can counter the impulse.

    Other than that I'm not sure what's possible. Banks aren't really meant to limit someones spending as such so there won't be many options that are a perfect fit.
    • Williamdimilo
    • By Williamdimilo 14th Jul 17, 4:46 PM
    • 1 Posts
    • 1 Thanks
    • #4
    • 14th Jul 17, 4:46 PM
    Nationwide flex basic
    • #4
    • 14th Jul 17, 4:46 PM
    Nationwide do a flex basic account that you cannot go over drawn on and dose not have an overdraft option. I currently use the same account for my weekly budget that is set up to transfer a set amount every Monday. The great thing is when the money runs out you get declined, no wracking up debt.

    Hope this helps.
    • mt99
    • By mt99 15th Jul 17, 9:50 AM
    • 458 Posts
    • 226 Thanks
    • #5
    • 15th Jul 17, 9:50 AM
    • #5
    • 15th Jul 17, 9:50 AM
    You could open a second current account, transfer the monthly money there, get a debit card, and then he could not spend more if the current account did not let you go overdrawn. The Lloyds thread here is a bit confusing but it seems that Lloyds Bank will now not let you go overdrawn by more than 7 (unless arranged of course) so that might be worth investigating.
    • datlex
    • By datlex 16th Jul 17, 11:59 AM
    • 1,603 Posts
    • 1,493 Thanks
    • #6
    • 16th Jul 17, 11:59 AM
    • #6
    • 16th Jul 17, 11:59 AM
    Just because you have been granted power of attorney it does not necessarily mean it is active yet. It may depend on his state of mind. you need to keep your uncle involved in any decisions.

    You don't actually give enough information in your original post. So any suggestions are guess work. Does he have savings? Is he getting a private pension in addition to the state pension? Does he get income from other sources?
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