In some circumstances it may be necessary to allow a third party to access or manage your business accounts on behalf of an account holder. The information below will help you gain further insight before applying for Power of Attorney.
A joint POA requires all Attorneys to act together in order to authorise an act. The death of one Attorney will cause the POA to terminate.
Jointly and Severally
A jointly and severally POA permits Attorneys to act together or on their own and one Attorney can bind the others. The death of one Attorney would not necessarily terminate the POA providing that the others can continue to act jointly and severally. Where Attorneys are required to sign together jointly, certain facilities such as cards, Internet Banking and Telephone Banking will not be available.
Reference to joint Guardians just indicates that there is more than one. It is up to the Attorneys whether they want to act together. The death of one Attorney will not cause the Intervention to terminate.
What is an attorney able to do?
When an attorney is granted POA, they will be able to do most of the things a donor/granter can do, including:
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Eligible deposits with us are protected by the Financial Services Compensation Scheme (FSCS). We are covered by the Financial Ombudsman Service (FOS)." Please note that due to FSCS and FOS eligibility criteria not all Business customers will be covered.
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