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Power of Attorney and Banks - advice please

(5 Posts)
AmericanPastoral Tue 28-Mar-17 11:52:40

We have Power of Attorney for my mum and will need to go to her bank to access her ISAs to continue to pay for her care home fees. I've just read a couple of articles saying that certain banks are making it difficult for attorneys to use the bank account and there have been delays in getting access to the money. Has anyone had any experience with banks? What do I need to show the bank? Many thanks.

Needmoresleep Tue 28-Mar-17 13:18:11

My mother had a huge number of accounts, and I think every one was different, and information provided by a telephone adviser was inevitability wrong. I don't think I got any sorted within a single visit.

Take in as much documentation as you can. Your passport, a recent utility bill, and a driving license. The ORIGIONAL POA (let them photocopy it), and your mother's identification documents (passport etc). Some banks stipulate two forms of photo ID.

Not all branches do POAs. Sometimes you have to make an appointment. So worth checking in advance.

You fill in their form, and they send this and the POA to Head Office. It can then take a little while till you get written confirmation that your name has been added. The forms can be complicated, so I fund it useful to do in branch.

I understand that some banks can be funny if the POA responsibility is shared. I think it then becomes complicated for them. It may be worth checking in advance.

I got really stuck with one bank. The computer systems for the investment product my mum had, did not include scope to register a POA. But I could not close it without the POA being registered. A nightmare. My advice is to do them all as early as possible. And perhaps try for bigger City Centre branches.

(An alternative, which I did before the POA came through, was to take my mum plus passport and driving license into the bank, sit her down, and then go up to the cashier, and get my mum to sign whatever was needed to get the money transferred somewhere more accessible.)

AmericanPastoral Wed 29-Mar-17 13:04:21

Oh my goodness! Thanks so much for such a detailed response needsmoresleep. I hope you don't mind if I send you a PM?

Needmoresleep Wed 29-Mar-17 13:31:20

PM'd. I realise some of this is wrong. You need your three IDs if trying to register on your mum's account (standard anti-money laundering stuff) and you are not already a customer of the bank, and your mother's ID if trying to open a new account. (I ended up opening a couple of fairly flexible ISAs with Virgin and MetroBank when other term ISAs matured.)

I think Virgin terms have changed. You used to be able to open a five year ISA at a good interest rate and only forfeit 3 months interest if you had to close it in a hurry. Better still, I get the chance to enter my mum for competition prizes like a ride in a hot air balloon. I don't know what I would do if she actually won, but I like the idea of sending her up into space.

AmericanPastoral Wed 29-Mar-17 22:08:48

smile smile

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