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What does it mean that someone has power of attorney over a bank account?
Wiki User
∙ 9y ago
Giving someone financial power of attorney is an effective legal way to hand over one's financial management to someone else, in case one becomes unable to take responsibility for one's own financial decisions.
Wiki User
∙ 11y ago
Wiki User
∙ 9y agoIt means that they are authorized to handle that transactions of that account. It is a limited power of attorney for a specific purpose.
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Can you get in trouble opening a bank account for someone else?
Yes you can. It is illegal to open a bank account for someone else unless they have given a written legal power of attorney to you.
Can power of attorney cash draw my sister's bank account?
An attorney-in-fact under a Power of Attorney has complete access to the principal's assets including bank accounts.
Can a power of attorney and proprietor both operate an current account?
Yes. Both the owner/proprietor of a bank account and the person to whom they have given power of attorney can operate a bank account. Actually a person with power of attorney is as good as the person (in legal terms) itself and so they both can operate the bank account without any issue.
What happens if you take money out of deceased dads bank account without power of attorney?
A power of attorney represents a living person, so any power of attorney is no longer valid. They would have to be on the bank account or the executor to legally take the money out.
How can you find out about a savings account in first national city bank?
That depends on whose account it is. If it is yours, call the bank. If it is someone else's, you would likely need their written permission, a power of attorney, or a court order.
If there is two names on a CD account at the bank and one dies can power of attorney take the money out?
If the power of attorney represents the deceased, no, they cannot. A power of attorney expires on the death of the grantor.
Can someone else close a checking account without premission?
No. A checking account can be closed only by the individual who holds the account. He/she needs to visit the bank and sign the account closure form in order to close their bank account. No one else can do that. But, if the account holder has given the legal power of attorney to another individual, he can act as a proxy for the customer and close their bank account.
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 a holder of a power of attorney make financial transactions even if the accounts are joint with someone else?
In GENERAL- yes. If I am going to be overseas, and I give my son (an adult) a power of attorney for me- and I have a joint bank account with my wife- my son can act in my place. This is why a Power of Attorney should be carefully considered, and possibly a Limited Power of Attorney granted, rather than a full.
Can you add yourself to your fathers bank account since you have power of attorney?
Yes, you can do that. Power of attorney actually gives you limitless powers to act on your fathers behalf. So, since your father can add you to his bank account if he wants, you being the one with his power of attorney you can do the same thing, you can do anything you want on behalf of your father and it is perfectly legal.
Can you deposit your sons check into your checking account if you have a power of attorney for him?
Yes, you can do that. A power of attorney gives you enough rights to do such an action like depositing your sons check into your account. If you dont have a power of attorney - first the bank wont accept the check and second you'll be jailed for forgery
Can a person close a bank savings account not in their name?
A bank account can be closed only by the individual who holds the account. He/she needs to visit the bank and sign the account closure form in order to close their bank account. No one else can do that. But, if the account holder has given the legal power of attorney to another individual, he can act as a proxy for the customer and close their bank account.
