Interesting financial product

[DrSarahmac]

Hi all, forgive me if this has already been highlighted but I heard and interesting article on Radio 4's Gapfinders programme today. It's a debit card that has come to the market recently which is marketed specifically for carers and vulnerable adults. Originally designed for Alzheimer patients the product was taken to Dragons Den and received funding there. It's now being marketed for the wider care industry.

In short there is a debit card that can be used to enable autonomy and a degree of independence allowing vulnerable adults to shop, withdraw cash and spend digitally. Importantly, there is also a facility for a carer to have access to the supporting app which allows them to set spending and cash limits (and impose other restrictions) and they then get a notification every time there is a transaction. They also have access to the account for larger transactions and to monitor the account for income and direct debits etc.

To set up the carer facility they will need a PoA and of course ID for the carer.

There is a monthly charge of £4.99. Everyone on the Helpdesk is a carer.

We have already set things up for my daughter in this way but across two separate accounts and it was a right palaver and I don't have any oversight over what she's spending money on. I'm thinking of switching to this product.

Anyway, hope this is helpful to someone. It all sounds above board. If you can't trust Radio 4......?

[Jofisher]

thank you we’re looking at doing this for my son whose in a care home so I can immediately see what money is being spent and where.

[DrSarahmac in reply to Jofisher]

Hi, Be interesting to hear what you think if you do set it up. Our system is working fairly well at the moment and there are plenty of more pressing things to deal with health wise but if it's worth switching I will.

[SpeedyH]

This facility is also offered by some of the major high street banks for FREE. There is no need to pay for this. Banks that offer this include Barclays santander HSBC bank of Scotland Halifax and more. Here is a useful link:

essexcarersnetwork.co.uk/ca...

[Galwaybay2]

Monzo works well for us and it is free. I can see that such an app might help some very vulnerable and exposed people, but the idea that someone is notified when they spend their money leaves me angry and a little queasy. With Monzo I top up from another account, my son or care staff can clearly see transactions when necessary and I would know if a large amount disappeared. He does not understand money, but this gives him a little more autonomy and dignity without anyone controlling him remotely.