I wanted to operate balance sheet type personal accounting for an account I have where I have payments in advance, income in arrears etc etc but an overall sum to zero over an extended period. It’s a cash flow issue not a bad management or borrowing issue.
There is around £1394 income pcm into the account where I manage my disabled son’s income on the basis of a formal government appointee-ship system.
After decades of visibility of good management on this and other accounts, and after meetings and lots of information provided, this bank will not give me an overdraft on this account of any amount. They also say I am in danger of being accused of money laundering as I am managing my son’s money for him.
However, in the time it took for my daughter to run back upstairs for something she forgot for school (30 seconds) I arranged an overdraft with Monzo for £1000. No history, no discussion, etc etc.
I am considering moving all my disabled son’s affairs to this account, but I am assuming there must be some downside to Monzo’s overdraft arrangement. Why is there such a difference in approach and will the Monzo overdraft be withdrawn at a moments notice if they need to?
What is Monzo’s take on money laundering if you (by goverment appointeeship system) manage a disabled releatives money?
Accounts with personal mandate can be limiting, some do not allow online banking, which is essential supporting learning disabled and also it gives the disabled person full access of the funds you are trying to hedge for critical expenses, rent, utilities etc. Power of Attorney regitsered with the OPG however (according to Banks and the OPG) takes away all of the diabled person’s banking rights and they can only work with cash and have no independance at all compared to a healthy partial independance.
Hope this makes sense.