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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.

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13y ago

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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.


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.


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


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Can anyone take money out your savings account?

No, generally only the account holder or authorized individuals can withdraw money from a savings account. Banks require proper identification and verification to ensure security. However, if someone has access to your account information or has been granted power of attorney, they may be able to withdraw funds. Always safeguard your account details to prevent unauthorized access.


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.


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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.