Business Overdrafts
Be financially flexible with a business overdraft.
Know more about Power of Attorney with us and how to register
Here’s a guide on how to register a trusted person to manage your account and finances
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.
- Donor’s circumstances and capability
If you wish to act as someone’s Attorney with a bank, you must make a declaration about whether the donor still has capacity (continuing to sign cheques and receive statements and correspondence, for example) or whether they lack capacity, in which case the attorneys take over entirely. No medical evidence is required for this, although attorneys must report the donor’s condition accurately.
If the donor lacks capacity, they will no longer be able to issue cheques or authorise withdrawals from their account, for example. If they have capacity, but require an attorney to act on their behalf for certain transactions due to physical incapacity, for example, they can continue to make withdrawals and issue cheques independently.
- Multiple Attorneys/Deputies
Where more than one attorney/deputy is to be appointed, their documentation may authorise them to act ‘jointly’, or ‘jointly and severally’. If the documentation does not state which, they will be treated on the basis that they are appointed jointly.