Frequently Asked Questions – Bank Account Questions
All bank accounts provided by our partner Cashplus Bank are covered by the Financial Services Compensation Scheme (FSCS) This provides individual account protection up to £85,000.
Additionally, due to the requirement by deputies for large deposits to be made initially (due to compensation awards, periodic payment orders or transfer of investments for example), the bank accounts have extended FSCS protection up to £1 million for the first 6 months. This enables deputies to have ample time to plan for investment arrangements to be put in place.
This enables deputies to have sufficient time to plan for investment arrangements to be put in place.
This enhanced protection was introduced in 2020 by the Financial Services Compensation Scheme to offer further protection to consumers and further information about this and the FSCS eligibility criteria can be found on the FSCS website here.
Absolutely. The accounts are individual, segregated and FSCS protected and are opened in the name of the client. The deputy or attorney’s details can be linked to the account also. This enables solicitor deputies to meet their SRA Accounts Rules 2011 (SARS) and obligations under the Mental Capacity Act 2005.
The OPG released this Practice Note in 2016 providing clarification of their stance in respect to solicitor-client accounts.
Direct debits and standing orders can be easily set up, managed, amended and cancelled when logged into the bank accounts. Standing orders can be set up to leave the accounts 7 days per week and also on bank holidays.
This 365-day functionality is very useful in ensuring that vulnerable clients can receive spending monies every single day of the year to ensure the stability and continuity of routine.
Bank account statements can be generated simply and easily and in real-time from either your online partner account or simply from our smartphone or tablet app. Statements have been designed to be ‘OPG friendly’, to enable you to enter the client reporting period dates for the statements you wish to generate for annual supervision reporting purposes.
You are also able to view all of your client’s bank accounts in one place and generate multiple statements from your online partner account should you wish.
Not at the moment, however, this payment facility is in the development pipeline.
Yes, each bank account comes with a fully functional Mastercard which can be used worldwide and online. You are also able to choose which functions you wish to be made available on the cards or not. An example of this is whether you wish the ATM cash withdrawal facility to be turned on or off.
We are also able to support deputies, attorneys and appointees with additional security functions to ensure that shared card users can buy items online and receive Strong Customer Authentication (SCA) verification messages in a fully compliant way whilst being convenient and practical for carers and support workers.