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If the principal is living and owns the account and wants to close it the attorney-in-fact has the power to close it. The bank will want to see the original POA and, if diligent and legally sophisticated, will ask for an affidavit stating the principal is alive and the POA has not been revoked.
What else can I help you with?
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.
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 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A power of attorney represents a living person, so any power of attorney is no longer valid.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.
If a person has power of attorney over a bank account and the owner dies can a lawyer get the decedent's account records with out the power of attorney knowing?
Powers of attorney are only good while the person who gave the power is living. They expire upon the death of the person granting the power. The probate attorney has no duty to notify you that they are accessing the records. You should get yourself listed as a co-owner of the account instead.
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.
Your sister and you have power of attorney for your disabled mother. Can you close her savings account in a Canadian bank?
You should be able to close the account and transfer those funds to a local bank. The Canadian bank will request that you send a copy of the POA document. The Canadian bank may also request an Affidavit signed by the attorney-in-fact stating that the POA has not been revoked and the principal has not died. You should contact the legal department of the bank. A bank representative will tell you what you need to send in order to close the account. You might find general contact information online that would allow you to begin your inquiry with an email. Start by doing a search using the bank's title and look for a link to "Contact Us". Then, send an email stating that as an attorney-in-fact you want to close the account and ask for instructions as to what the bank needs from you in order to do it.
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 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 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 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
