Financial control over parents bank account

[DMVJ]

Hi
Parents are 78.
Do you all have to bank with the same bank to get financial control over your patents accounts?

They are with Barclays and I'm first direct.

No need to be in the same bank but you will need to follow a legal process for example Ordinary Power of Attorney. This allows you to make decisions on certain things so in your case have access/control to their bank account.

This is the safest option in my view

You can either set up a joint account. Or as previously said you need power of attorney. Why do you wish to manage your parents bank account?

Mine are also in their 70's and coping fine. Although I do hold power attorneys. For when/if I need too be more involved.

Thanks. My mum isn't coping with internet banking. And the branches are all closing. And she can't really drive.

Can she not just share her log in details and you can do things on her behalf. Not above board I agree. But would enable you to support her. I would look to get power of attorney in place though. There are 2 parts financial and welfare. The form looks complicated but if worked logically it can be done without expensive solicitors.

My sister dealt with all mum's financial affairs by having her pin number, etc (they lived together). Eventually they did a POA in case there was any comeback but my sister was a VAT Inspector and the most honest person I knew! Sometimes though you have to be seen to be doing the right thing.

You could have a joint account with them or arrange third party authorisation with their bank.

Please be aware that sharing access information is breaching the T&C.
It gives the bank an out clause if disclosed after any fraud on the account.
It may be possible to change the existing a bank account to have signing authority rather than a joint account (same idea as a business with a number of users)
This type account would be helpful if the child is in receipt of any type of income support as they don't own or part own the money.

Another thought is to ask to be an named appointee for any benefits pension. So that you can make calls on behalf of your parents.

@unicornsarereal72

Can she not just share her log in details and you can do things on her behalf. Not above board I agree. But would enable you to support her. I would look to get power of attorney in place though. There are 2 parts financial and welfare. The form looks complicated but if worked logically it can be done without expensive solicitors.

I did this with my Mum. Okay it’s not the proper thing to do but who is going to know except you and them? Just don’t tell anyone. We didn’t have time to sort out power of attorney etc as Mums health declined super quickly - terminal bowel cancer and copd- so we just muddled through as best we could.

@unicornsarereal72

Another thought is to ask to be an named appointee for any benefits pension. So that you can make calls on behalf of your parents.

That's a really important point.

Add in Doctors, pharmacy and all household suppliers (phone home insurance etc)

@DMVJ

Thanks. My mum isn't coping with internet banking. And the branches are all closing. And she can't really drive.

Tbh I don't think this is reason to want to take control or have a POA active.

What does she need the branch for? Help with that. Once DDs are in place you don't really need to do much so unless she is withdrawing or transferring large amounts of cash regularly she shouldn't need to access a branch often

@Eltonsglasses she is paying tradesmen for repairs. And she has tenants. She is very cranky and upsets them all. So then they don't do the jobs to fix the house. So it's all a bit problematic. She 78. And the Internet banking is a problem as you she forgets passwords. And then you need to verify on her phone.

My mums 85, she’s never me
An aged the internet, but has given me full approval to make payments through it, she checks her bank statements (paper) regularly.

I do have POA, but haven’t lodged it yet.