Skip to main content

There may be times when you want someone you trust to help manage your banking – whether it’s for a short period or as part of longer-term planning.

Short-term reasons for setting up an authority might include easier day-to-day money management, extended travel, or managing your finances during serious injury or illness. For longer-term planning, nominating someone you trust can help protect your financial wellbeing and ensure you're involved when decisions are being made on your behalf.

Before you give anyone access to your accounts, it’s important to understand what that means. You should only set up account access when you feel safe, informed, and in control.

 

Feeling unsure?

If you ever feel pressured to share access or something doesn’t feel right, support is available. Get in touch and we can talk through your options with you, confidentially. 

Call us on 13 25 77

Types of authority

Understanding what options are available is particularly important if you're a family member or carer for someone who is: 

Showing signs of dementia or cognitive decline

Changes in memory, decision-making, or understanding can make managing money more difficult and increase vulnerability to financial harm.

Experiencing a serious or ongoing health issue

Illness or injury can affect someone’s ability to manage day-to-day banking, especially during treatment, recovery, or periods of fatigue.

Unable to make their own financial decisions

Having the right authority in place helps ensure finances are managed safely when someone can’t make informed financial decisions on their own.

Your options at a glance

There are two main ways we can set up for someone else to access or help manage your accounts. The right option depends on your circumstances and how much authority you want to give.

Authority to Operate

Short-term or limited help with your banking

How it works

An authority to operate lets you give someone you trust limited access to help manage your banking with us. This access is restricted to the specific bank only,

When it’s useful

This option is usually suitable if you still have full capacity to make decisions, want something easy to set up, and =don’t need the person to act for you outside of the bank.

What to know

  • Set up and managed by the bank
  • Ends if you lose capacity to make decisions
  • Fewer formal safeguards, managed mostly by the bank

Enduring Power of Attorney

Long-term planning with legal authority

How it works

An Enduring Power of Attorney allows you to appoint someone to manage your finances, property, and make other legal decisions on your behalf.

When it’s useful

This option is suitable if you want formal, long-term arrangements in place for someone to manage your affairs if you lose capacity capacity to make decisions in the future.

What to know

  • Set up using forms, a witness, and usually with legal advice
  • Continues if you lose capacity to make decisions
  • Strong legal safeguards – your attorney must act in your best interests