Power of Attorney Bank Accounts

Chris Moffett made this Freedom of Information request to Bank of England

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Dear Bank of England,

1.When a high street bank account is opened by a person, does the bank obtain legal power of attorney of this account?

2.If so, how do they acquire this?

3.If so, what does this power of attorney mean in practice? Please list.
For example does it mean the bank can in legality do whatever it likes with the money in the person's bank account, whenever it likes? Or are there only certain circumstances that enable the power of attorney to be used?

4.Do high street banks have legal title over a persons bank account?

5.If so, what does this means in practice?

Yours faithfully,

Chris Moffett

Enquiries, Bank of England

1 Attachment

Dear Mr Moffett

 

We acknowledge receipt of your email dated 17 January (our ref V 46944). 
We will reply in due course.

 

If you have any queries please contact the Public Information and
Enquiries Group on 020 7601 4878.

 

Yours sincerely

 

Public Information & Enquiries Group

Bank of England |Threadneedle Street|London|EC2R 8AH|+44 20 7601 4878

[1][Bank of England request email]

[2]http://www.prospects.ac.uk/profsearch/se...

 

 

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Enquiries, Bank of England

2 Attachments

Dear Mr Moffett

 

Please find attached a response to your email dated 17 January.

 

Yours sincerely

 

Public Information & Enquiries Group

Bank of England |Threadneedle Street|London|EC2R 8AH|+44 20 7601 4878

[1][Bank of England request email]

[2]http://www.prospects.ac.uk/profsearch/se...

 

 

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