Third Party Authority is an agreement between the account holder and someone they trust. This ‘third party’ could be a family member or close friend of the account holder that they authorise to obtain information, or provide limited instructions on the account holder’s behalf.
Third Party Authority is not the same as a Power of Attorney and, as such, there are restrictions on what an authorised third party can do on an account held with us.
Third parties are only available on personal accounts, and they can only obtain information on an account or set reinvestment maturity instructions, either in full or with the interest returned to the nominated bank account.
They are unable to have independent access to online banking, as this access sits with the account holder only.
An authorised third party must be aged over 18 and permanently reside in the UK. Identity checks using credit reference agencies will be carried out on third parties.
In the event of an account holder’s death, any third party agreements cease immediately.