bank account guarantor

siobhan08

Hi

Two quick questions about bank account guarantors

1) I know you can need a guarantor for a loan in some cases but I'm in Ireland can you have a guarantor on stantard current/student/graduate account

2) If you have have a guarantor and I had my mam as a guarantor on my bank acoount has she any authority over it? Like if I was abroad and needed her to do somethng on my account would she have any authorisation to do that just by her guarantor status or would I have to give the bank explicit authorisation that she could deal with my bank account on my behalf?

I'm aware that if the account is in debt through overdraft then as the guarantor she would be entitled to know. I'm talking about standing banking precedures like querying transaction or stopping direct debits

Jim2007

- You don't need a guarantor unless the bank requires you to have one
- In theory the guarantor does not need to have access to the account

In reality the chances of a student being granted a large overdraft facility where a parent is guarantor with no access to the account is slim to none. The bank has been playing this game at lot longer than you!

You should also be aware that a standard condition of an overdraft is that it be fully paid off at least once a year. And the guarantor is likely to be informed if that does not happen.

Nervous Wreck

Guarantors are more and more a thing of the past tbh. No bank is gonna let someone go guarantor on a student current account with overdraft tbh.

Jim2007

Well if it just for a couple of hundred to carry a student over for a few months and it's a parent.  There is some chance, but I suspect that is not what is required here :-)

Nervous Wreck

Indeed!