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Banking and power of attorney

Discussion in 'Legal and financial issues' started by pimpernel, Jan 8, 2015.

  1. pimpernel

    pimpernel Registered User

    Sep 2, 2014
    9
    Derby
    Hello,

    I'm wondering if any of you are having happy dealings with your relative's bank over Lasting Power of Attorney?

    My parents' bank insists that there only be one addressee when the LPA shows 2 attorneys 'joint and several', however the attorneys live 120 miles apart, and both want and need to be involved in managing our parent's affairs.

    Whilst branch staff are friendly, central office seems to be rife with human and computer errors and central policy is unhelpful. I hesitate to name the bank concerned, however if you have this sort of situation and the bank is willing to send to two different correspondence addresses, AND has done what they say they would do, and not what was not agreed, I would love to hear from you which bank it is.

    In spite of the potential hassle involved, I think it is time we moved our parents' accounts to a different bank.

    Thankyou!
     
  2. nitram

    nitram Registered User

    Apr 6, 2011
    18,384
    Male
    North Manchester
    They should abide by the joint and several signatories on the account.

    Most, if not all, banks insist on a single address for written communications, their systems cannot handle anything else.

    Their is no reason why all attorneys cannot have internet access to the account(s).
     
  3. snowygirl

    snowygirl Registered User

    Jan 9, 2014
    151
    hello

    Ive got LPA for both my parents together with my brother and sister both jointly and severally. However, because I'm the lead attorney(I filled in and submitted all the forms)their Bank insists on only sending letters to me hence when my sister needed to change her PIN she rang the bank but still they sent everything to me. We live an hours journey away so its not ideal but as we had already had a bit of a battle with this particular bank(not a small one, easily found on the High St)we've let it be for now. Everything just seems so complicated with everything we have to do financially I am sooooo pleased though that I did press on with the LPA I dread to think what happens if you haven't got it!
     
  4. snowygirl

    snowygirl Registered User

    Jan 9, 2014
    151
    Just thought I would add that we do all have access to their accounts its just the mail that comes to me.
     
  5. love.dad.but..

    love.dad.but.. Registered User

    Jan 16, 2014
    4,353
    Kent
    Dads bank were very helpful but they only send mail to first attorney listed which is me. However very little needs to be sent by post by the bank my sister and I have joint and severally...she has her own debit card for the account as do I and has complete access to internet banking on the ac as do I. We don't have any problems at all the ac to both of us is very transparent....what sort of postal commjnication do you get/how often/expecting? You could just email details of letters to her or scan.
     
  6. ITBookworm

    ITBookworm Registered User

    Oct 26, 2011
    451
    Glasgow
    The weird bit about that is that this: when hubby and I married (only ~8 years ago) we went in to each others banks and he made his account joint with me and I made mind joint with him. In both cases (different banks) they double checked that the address for the new person was the same as the original. For some things we STILL get two letters telling us about changes or charges or whatever, one addressed to each of us.

    If they can do that with a normal joint account what difference is there when the "name" on the account is "X, Y and Z LPA for Mrs A" :rolleyes::rolleyes::rolleyes: Obviously something strange with banks and brain cells is all I can say!
     
  7. love.dad.but..

    love.dad.but.. Registered User

    Jan 16, 2014
    4,353
    Kent
    Dads bank were very helpful but they only send mail to first attorney listed which is me. However very little needs to be sent by post by the bank my sister and I have joint and severally...she has her own debit card for the account as do I and has complete access to internet banking on the ac as do I. We don't have any problems at all the ac to both of us is very transparent....what sort of postal commjnication do you get/how often/expecting? You could just email details of letters to her or scan. I arranged for her to pop into her local branch as she lives 200 miles away to change the pin no sent to me by mistake for her and they were very helpful. Debit card was sent directly to her.
     
  8. Mannie

    Mannie Registered User

    Mar 13, 2014
    115
    Bracknell area
    We have not had such good luck
    We have joint and several
    Only allowed one debit card
    Can have 2 chequebooks
    Not allowed online access
     
  9. nitram

    nitram Registered User

    Apr 6, 2011
    18,384
    Male
    North Manchester
    "...If they can do that with a normal joint account what difference is there when the "name" on the account is "X, Y and Z LPA for Mrs A"..."

    With a joint account the bank has an equal duty of care to both of the account owners.

    At first sight it therefore appears that they should send separate letters to both holders.

    If the two holders have the same address sometimes a single jointly addressed letter is sent, some banks ask for a signature from both holders to allow this.

    If the holders have different addresses it usually means two letters unless both holders sign an agreement for letters to be sent to only one address.

    With an account operated under a power of attorney there is only one account holder for the bank to consider, hence only a single letter.

    Sending letters costs money and all banks send as few as possible, hence their requests for everybody to accept online statements.
     
  10. nitram

    nitram Registered User

    Apr 6, 2011
    18,384
    Male
    North Manchester
    "...We have joint and several
    Only allowed one debit card
    Can have 2 chequebooks
    Not allowed online access..."


    Change banks if it worries you, just set up the new account and when it has the facilities you require move funds, DDs, income sources etc., and close the first bank account.

    Don't take the new bank's word for it wait till the account is up and running, tell them why you are doing it this way if they ask.

    It's different with joint attorneys as both attorneys have to authorise everything and this can't be done with any cards or online transactions, it would need a system where multiple different PINs were used.
     
  11. Pickles53

    Pickles53 Registered User

    Feb 25, 2014
    2,482
    Radcliffe on Trent
    Sounds like a different bank might be worth considering? Not having online access would have been a real pain for me.
     

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