Different types of joint account

[abacab]

I would like to know if the banks offer an 'agency' type of joint bank account where someone can be added as an authorized signatory, but does not have ownership of the funds, in contrast to a regular joint ownership bank account.

If so what is the correct terminology to use for the 'agency' one - is there different paperwork needed by the banks to set this up compared to normal joint ownership? Will a bank typically send new PINs/PACs, cards etc. to two separate addresses in the case of an agency-type joint account?

Many thanks for any help - context is to help an elderly relative with early stage dementia; I live outside the country and so would need to handle things online/by phone.

 

[dewdrop]

Usually in the case of either a sole or joint account the person(s) can authorise another party to operate the account and this in no way affects the ownership of the account. Banks have a standard form usually called "authority to operate an account". Any bank branch will tell you of their prrecise requirements.

 

[dewdrop]

Sorry i did not fully read your query. In the case of mental illness this creates several issues and i am not qualified to comment.

 

[abacab]

@dewdrop

Thanks for that. I also found it written in the Terms and Conditions e.g. "You may authorise any third party to operate your Account in accordance with our procedures". I'm aware that the issue of mental competency is another consideration but at least I now know what I'm requesting.