Third-party mandate
A third-party mandate is obtained by requesting a specific form from a bank or financial institution to allow another person to manage your account temporarily. Both parties must sign the document, and identification/address proof for the third party is required.
Key considerations:
- Not for Incapacity: A mandate is generally not valid if the account holder loses mental capacity.
- Limits: It only applies to the specific account mentioned.
- Alternative: For long-term or mental capacity issues, a Power of Attorney is required.
- Verification: Banks may call to verify the request.
