7 May 2023 Money Carer
Appointeeship, Deputyship, Carer Cards, Power of Attorney Carer Cards - FAQ's

The person or organisation managing a Money Carer card can set a balance limit on each account to avoid excessive funds accruing.

This means that if you are the appointee, attorney, or deputy of a vulnerable person and our using a Money Carer card to provide their carers with shopping funds, you can control the limits.

So for example, if the money that you manage for a loved one is held in a high street bank such as Barclays, Lloyds, or HSBC, you can set up a standing order to add funds to the Money Carer card account for nominated carers to use. However, if you wanted to set a limit on the amount of money that could be held in the account at any time then you can do that.

You would simply log on to your Money Carer account, set a balance limit, say two hundred pounds for example, and then if the balance on the Money Carer card goes above that our sweep system can automatically transfer the funds over the two hundred limit back to the bank account of your choice automatically.

This helps to provide greater protection for your loved one and demonstrates that you are acting responsibly and shows that you have financial control measures.

Tags: bank accounts, cards for carers, sweep system
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