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Some financial institutions make available a specific power of attorney for their account holders use. They are used to give someone the authority to conduct financial transactions with only that financial institution.
Wiki User
∙ 12y ago
Wiki User
∙ 13y agoA power of attorney is a document that gives a person or entity the right to act on behalf of another person or entity. The scope of the power can be general or limited. If general, the party to whom it is given is empowered to do everything that the grantor if the power(s) could do. If limited, the range of powers is limited to a more circumscribed sphere of acts.
Assuming here that the bank is the recipient of a properly executed power of attorney, until it is revoked, the bank has to honor it. It may be the case, though, that the rules and regulations by which the bank operates precludes one from dealing for another pursuant to a power of attorney. If so, and if that rule existed when the account was opened, the depositor would ordinarily be bound by it.
Wiki User
∙ 12y agoBanks sometimes provide a power of attorney to their account holders for the purpose of allowing another person to make deposits, withdrawals, etc.
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Can a Power of Attorney remove money from a bank account and then put it in there name?
If it is in "THERE" name, No. If it is in "THEIR" name, maybe.
Can you do direct deposit if your name is not on the account?
No, you cannot have direct deposits into an account that you are not listed on. However, many account holders can add Power of Attorneys (POA) on their bank accounts, which is basically an authorized user. This person would have the same rights as the account holder, but the account holder is liable for the account. So if the account holder were willing to add you onto the account as a Power of Attorney, then you would have the ability to have direct deposits into the account, as well as full access to the account. The account holder has to go to the bank in-person to do this and must provide identification and sign off on this.
Who decides the saving account interest rate in banks in India?
Primarily RBI holds the power in deciding the interest rates along with other banks which are associated with this regulatory body. Up until late 2011, RBI Decided the Interest rates that banks offered on Savings Account. However, recently the RBI Deregulated this policy and gave banks the freedom to set their own interest rates on savings accounts provided they gave a minimum of 4% on them
Is the power to charter banks a concurrent power?
Concurrent power
Is micromax canvas 2.2compatible with xiaomi power banks?
Micromax canvas 2.2 is not compatible with Xiaomi power banks.
Do banks depend on electricity?
No, banks burn money and small children to power their establishments.
Do attorneys require power of attorney for EEO cases?
There are states that it is necessary but there are cases that you do not need an assistance, or even require power of attorney.
Is inductive reactance considered when calculating power loss in AC cables?
No, because it is not loss - inductance by definition will cause reactive power which can be compensated for using capacitor banks (one example). I^2 * R losses (power loss through the cable) takes into account the resistance of the line.
Why do we say attorneys' general andnot attorney generals'?
"Attorneys general" is the correct term because "attorney" is being used as an adjective to describe the type of general, just like "doctors' office" refers to an office for doctors. So, the possessive form properly applies to "attorneys."
Is the power of attorney entitled to a percentage of the estate?
A power of attorney has absolutely nothing to do with an estate. All power of attorneys expire on the death of the grantor.
Do district attorneys have too much power?
They have too much power because they have the burden of proof and the judge sides with the states side. 65% of the time.
How to Remove power steering pump on mystique?
Remove the power steering pump hose. Remove the power steering pump belt. Remove the power steering pump retaining bolts. The power steering pump will come off.
