Being designated in a power of attorney as the person to handle banking issues is a responsibility that should not be taken lightly. A power of attorney gives you the legal right and ability to handle a wide variety of affairs for another person if he is unable or unavailable to handle his affairs himself. Opening a bank account for another person will require a power of attorney listing you as the attorney.
Visit Your Local Bank
Go to the bank that you wish to open an account with. Make sure you have identification and the original, notarized power of attorney. You may want to make an appointment first, as opening this sort of account can take longer than opening an account for yourself. On the day of your appointment, inform the bank staff that you would like to open a bank account using a power of attorney.
Fill out all the paperwork needed to open the account. When opening a bank account using a power of attorney, you will have to fill out forms with both your information as well as the information of the account holder. Provide the bank employee with the completed paperwork, your identification and the power of attorney. The bank will make a copy of the power of attorney. Make sure to get your original back for your safe keeping.
Take notes of the requirements on how to use the new account. Some banks will require you to sign checks to be deposited and checks written with the name of the account holder and then the initials "POA." Other banks will require you to sign your name with a notation that you are a power of attorney. You will need to follow the exact procedure set by the bank.
In some instances, you may not be allowed to open an account using a power of attorney, depending on the financial institution. Check with the bank when you make an appointment to find out whether or not you're able to open an account as power of attorney. Also, having power of attorney does not give you automatic free reign to spend someone's money as you wish. It is in your best interest to keep meticulous records of every financial transaction or expenditure made on her behalf. In the event of an audit or other inquiry, you can easily prove that the money has been used to take care of the needs of the person for whom you have power of attorney.
- Expert Law: The Power of Attorney
- Find Law: How Do I Sign Checks And Bills Under A Power Of Attorney
- Aging Care: What good is a power of attorney, bank won't open account.
- The Patient Rights Council. "Advance Directives: Definitions." Accessed June 30, 2020.
- American Bar Association. "Power of Attorney." Accessed June 30, 2020.
- Trigoboff, 2015.
- American Bar Association. "Giving Someone a Power of Attorney for Your Healthcare." Accessed June 30, 2020.
Living in Denver, Lynndee Marooney has been writing finance and credit-related articles, guides, manuals and e-books for private companies since 1995. She holds a Bachelor of Arts in journalism and a Bachelor of Science in finance from the University of Maryland. She enjoys counseling clients who are experiencing financial difficulties.