Yes, first off, many of us conjure an image of an old person having dementia. And, of course, many of us also know that this is more and more common. and a totally deliberating illness.
And, yes, that Dementia person’s family will have much heartache without the added strain of having many institutions seemingly adding burdens to our needs when we look to arrange their affairs on their behalf.
If one joint account holders loses mental capacity, banks and building societies can decide whether or not to temporarily restrict the use of the account to essential transactions only …. until a Deputy has been appointed or a Power of Attorney registered.’
We all know that we can’t talk to a mobile phone provider, or our electricity provider or even sky TV unless we have authority from the account holder, or they are present on the call.
So, what if a joint account Mortgage payment was withheld, or you were unable to access your partner’s Bank account, or your joint account. It is the law that anyone who loses capacity comes under the jurisdiction of the Court of Protection. Banks are obliged to abide by these laws.
And it isn’t just old people who can have a problem!
What happens when Banks won’t authorise Payments