Due to our long-established partnership with GoCardless, Money Carer has developed a new, ‘high-value transaction’ direct debit service to assist deputies and attorneys in a very practical way.
Our Client Funds Access Service (CFAS) enables you (as deputy or attorney) to instruct us to transfer funds from your client’s personal bank accounts (HSBC, Barclays, NatWest, Nationwide etc) into the Cashplus Bank accounts we will open for you on the Monika platform in your client’s name.
Upon receipt of the relevant certified documents (deputyship court order, and the deputy’s ID documents) we are able to set up a single, high-value direct debit of no more than £50,000 with the funds being deposited into a Cashplus Bank account opened on your behalf in your client’s name on the Monika banking platform.
This truly game-changing innovation enables deputies and attorneys to access client funds within 7-10 working days as opposed to the many months it typically takes to access or close your client’s bank account with the major banks. This simple, important, innovation enables the deputy or attorney to pay care or other bills without the long delays that can often put clients’ care arrangements at risk.
The transfer process is fully compliant and, importantly, it is triggered in the system by the deputy and is fully transparent with individual transaction statements generated for reporting purposes. In short, you are in charge and our systems simple make the transfer happen seamlessly.
For examples of how the CFAS innovation benefits our partners, clients, local authorities and care providers read some of our case studies.