Power of Attorney – Transactions Guide for Attorneys

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Power of Attorney –
Transactions Guide for Attorneys

Customers (Donors) can carry out transactions on their own accounts, but any Power of Attorney (POA) transactions are subject to POA rules, as Attorneys are acting on behalf of a customer, and do not own the account – as per Office of Public Guardian guidelines (see link below).
Lasting power of attorney: acting as an attorney: Overview - GOV.UK (www.gov.uk)

Attorney transactions are restricted to:

  • cheques and faster payments made payable to Donor named account only – Donor’s money must be kept separate from Attorney’s.
  • bills payable by cheque direct to company (invoice needs to be seen as proof). Bills need to be in the donor’s name.
  • cash withdrawals must be for the benefit of the Donor and may be subject to withdrawal limits.

Regular cash withdrawals should be completed from a current account as per our savings Terms and Conditions.

Is this account right for you?

The Society’s savings accounts are not “payment accounts”. This means it is not expected that the account(s) will be used for making regular payments to manage the Donor’s everyday affairs. It is not intended to be used like a current account for managing day-to-day finances. If you are looking for an account for these things, you should consider other high street banks that provide a current account as those may suit you better.

Please let us know if the customer (donor) is considered vulnerable or cannot make their own decisions.

Whilst a customer (donor) can make their own decisions, we may contact them to confirm the Power of Attorney is registered, to discuss their requirements or to clarify any transactions.