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Nicola-mod
Nicola-mod, Moderator
Category: Law
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Good afternoon - I am a born, bred and live in the UK. A UK

Customer Question

Good afternoon - I am a born, bred and live in the UK. A UK citizen and have been appointed Trustee to my late brother's son's child who lives in South Africa. I need to open a bank account to hold the monies until he is 18 - in about 2½ years. My first two inquiries result in a 'no can do' as he lives outside the UK. I would really appreciate a direction for 'going forward' with this problem. Can you advise ? Regards XXXXX XXXXX

Submitted: 3 years ago.
Category: Law
Expert:  Nicola-mod replied 3 years ago.
Hello,

I've been working hard to find a Professional to assist you with your question, but sometimes finding the right Professional can take a little longer than expected.

I wonder whether you're ok with continuing to wait for an answer. If you are, please let me know and I will continue my search. If not, feel free to let me know and I will cancel this question for you.

Thank you!
Nicola
Customer: replied 3 years ago.

Thank you for your prompt reply - I can wait but will be trying other approaches. Update - 3 international banks cannot/will not process because benefactor is living outside the UK - each of these banks have offshore branches and cannot help. I am told this is a security / terrorist "reason".


2 other lines of enquiries on going but not hopeful.


Regards Keith


 

Expert:  Nicola-mod replied 3 years ago.
Hello Keith,

We will continue to look for a Professional to assist you.

Thank you for your patience,
Nicola
Expert:  JGM replied 3 years ago.
Thank you for your question.

Keith, open an account in your own name. I presume you have the funds or will get the funds. Put them in the account in your own name and ensure that you get a Deed of Trust drawn up so that it is clear that the funds in that account are held by you for and behalf of your nephew.

To do anything other than this will be difficult as you have seen because of the very strict bank and money laundering regulations that the banks now live by.

Please leave a positive response so that I am credited for my time.
Customer: replied 3 years ago.

Thank you for your help "JGM" - looking back at messages, there is one point I missed - sorry - the cheque is made out to " me on behalf of the benefactor" (named), so am unable to follow your advice.


But I have not given up.

Expert:  JGM replied 3 years ago.
Get a back letter from the payer of the cheque to say there is no objection to an account being opened in your sole name to administer the funds on behalf of the trust.
Customer: replied 3 years ago.

This is a long holiday weekend in UK - I am still awaiting reply from interested parties.


I really appreciate your advice and am to follow up when reply/s occur.


Regards Keith


 

Expert:  JGM replied 3 years ago.
OK
Customer: replied 3 years ago.

Good day - JGM - sorry about the delay, I have approached the 2 banks about opening an account in my name. This is OK but they cannot 'enter/accept the cheque the way it is made out (i.e. my name Trustee for benefactor).


Your 2nd suggestion - letter from payee of the cheque to say there is no objection to an account being opened in your sole name to administer the funds on behalf of the benefactor - reply was "oooh not a good idea".


So am stuck but awaiting reply from another adviser, fingers crossed !


Why solicitors/lawyers/banks take so long to answer questions & help out,no-one seems to know.


Hoping for good news soon, take care, Keith


 


 

Expert:  JGM replied 3 years ago.
No problem. Hope it works out. And remember sometimes you have to be firmer with banks which always seem to want to tread the path of least resistance.
Expert:  Nicola-mod replied 3 years ago.
Hello,

Just a quick reminder, there is an unrated answer waiting for you here from the Professional.

If the Expert was helpful, rating their answer as satisfactory transfers your deposit to them – this is how the Expert is compensated.

To rate your answer, you can go to your question page, and click one of the five faces below your Expert's answer. Please be sure you are logged in with your username and password or you will not be able to view or rate your answer.

If you still need help with your question, please feel free to reply to the Expert on this question page. You may ask as many follow-up questions on the same question page as you need until you are satisfied.

Thank you,
Nicola

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