Power of Attorney and Bank Accounts: What You Need to Know

Power of Attorney and Bank Accounts: What You Need to Know

If you are an attorney under a Property and Financial Affairs LPA, you can manage the donor's bank accounts. Here is how it works in practice.

What Powers Do Attorneys Have?

With a registered Property and Financial Affairs LPA, you can:

• Access the donor's bank accounts
• Make payments and transfers
• Set up direct debits and standing orders
• Apply for new accounts if needed
• Close accounts
• Manage savings and investments

Registering LPA with Banks

Before you can act, you must register the LPA with each bank:

Step 1: Contact the bank's power of attorney team Step 2: Provide certified copy of registered LPA Step 3: Complete their registration forms Step 4: Wait for confirmation (usually 2-4 weeks)

What Banks Require

Most banks need:

• Certified copy of the registered LPA
• Your ID (as attorney)
• Proof of your address
• Completed POA registration form

Get extra certified copies during LPA registration. You will need one for each financial institution.

Major UK Banks - What to Expect

HSBC: Dedicated POA team, online registration possible Barclays: In-branch registration, can take 2-3 weeks Lloyds: Phone and postal registration available NatWest/RBS: Online portal for attorneys Santander: Branch appointment usually required Nationwide: Postal registration, comprehensive forms

Processes vary and change. Contact each bank directly for current requirements.

Online Banking as Attorney

Some banks offer attorneys:

• Separate online banking access
• Attorney-specific debit cards
• View and manage donor accounts digitally

Not all banks offer online access to attorneys. Ask when registering.

Joint Accounts

If the donor has joint accounts:

• The other account holder can usually continue operating the account
• The attorney can also operate on the donor's behalf
• All parties should understand the arrangement

Using the Account Day-to-Day

Once registered, you can:

• Visit branches with ID
• Use online banking (if set up)
• Make phone banking requests
• Write cheques (if provided)

Always identify yourself as attorney when transacting.

Record Keeping

Keep detailed records of:

• All transactions
• Why money was spent
• Receipts and evidence
• Account statements

You may be asked to account for your management.

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