Third-party account access
Third-party account access
Discover what third-party account access is and when you might benefit from allowing a trusted family member or friend access to your account.
What is third-party account access?
There may come a time when you will struggle to manage your own finances. This could be for various reasons, including ill health or difficulty with getting out of the house to withdraw cash.
Third-party account access is permitting a trusted person, whether this is a member of your family or a friend, to manage your account on your behalf. Take a look below at the different options available to you.
Types of third-party account access
A third-party mandate is only suitable if the account holder still has mental capacity. This means that they are capable of making their own decisions and understand the information that is presented to them. The account holder can give a trusted person permission to access their account to help manage their finances, including checking incomings and outgoings and withdrawing cash.
To set up a third-party mandate on your thinkmoney account, please call us on 0161 779 5000.
For your protection, we’ll ask for some confirmation of the trusted person’s identity before we allow them access to your account.
Power of attorney
There are different types of power of attorney that can be granted depending on your circumstances.
Ordinary power of attorney: This only applies if the account holder still has mental capacity – similar to a third-party mandate. The power of attorney will be able to make decisions on behalf of the account holder. However, if they lose their mental capacity, then the trusted person will lose their legal authority to access the account.
Lasting power of attorney: A lasting power of attorney (LPA) allows the account holder to appoint a trusted person to make financial decisions for them if they are unable to do so themselves. The account holder can either choose to give authority to the trusted person immediately or only when the account holder no longer has the mental capacity.
You can download the lasting power of attorney forms from the gov.uk website. You’ll then need to register the LPA with the Office of the Public Guardian (OPG) so that they can begin to manage your finances on your behalf. thinkmoney will ask to see the signed LPA form that has been registered with the OPG. We will also ask for proof of name and address of both the account holder and the person that has been granted power of attorney.
Enduring power of attorney: An enduring power of attorney (EPA) is when the account holder decides to appoint someone to look after their finances if they are unable to do so themselves. However, EPA’s have been replaced with the lasting power of attorney (LPA) but any EPA that was in place before 1st October 2007 may still apply.
The Court of Protection aims to protect those who are vulnerable and cannot make decisions for themselves. If a person without mental capacity does not have a trusted person to be their power of attorney, the Court of Protection can decide who will handle their finances for them.
The person appointed to look after the finances on behalf of someone else is known as a “deputy” and will usually be a family member, friend or another trusted person. The court order details which decisions the deputy can make on behalf of the account holder.
If you have been appointed as a deputy for someone who has a thinkmoney account, you will need to inform us of this. This is so we can make a note on their account and give you access where appropriate. We’ll need to see the court order (or a copy of it) as well as proof of address and personal details for yourself and the account holder who does not have mental capacity.
The Department for Work and Pensions (DWP) can appoint someone to make financial decisions on behalf of a person who is receiving state benefits but is unable to manage those benefits due to not having mental capacity or having a physical disability.
To become an appointee for someone who meets these criteria, you should contact the claimant’s local DWP office. Let them know that the person you are calling on behalf of cannot manage their benefits themselves and that you would like the responsibility of doing it for them.
You’ll have to fill in an appointee form and the DWP will want to visit the claimant. When you start managing benefit payments for someone else, that person’s bank may impose a limit on how much money can be in their account at once. The bank should let you know if this is the case and what the limit is.
You’ll need to contact thinkmoney if you’ve been appointed to look after someone’s benefit payments. We’ll ask to see the form from the DWP that confirms you’ve been accepted as an appointee and proof of name and address for both you and the person you’ve been appointed for.
How do I allow someone access to my account?
To allow someone access to your account, simply get in touch with our specialist team by calling 0161 779 5000. We may ask for proof that you have made someone your power of attorney and also proof of identity of the person you would like access to your account.
How the thinkmoney app can help reduce the strain on your mental health
Queuing in branches and inconvenient opening times aren’t our thing either. The thinkmoney app is here to help you manage your money well, even when life gets in the way. With 24/7 access to your account via the app, you can:
- Send money in seconds
- Check your balance on the go
- Secure Face/Touch recognition
- Manage Direct Debits
- Manage standing orders
- Freeze your card