I went to one of my mother’s financial institutions to set up the POA with them and had a very strange experience. First the banker asked if she were deceased and I said no, you cannot use a POA if the person is deceased. She then said that my mother needed to be present. I said, no, the purpose of the POA was that she could no longer transact business on her own behalf and requiring her to be there would defeat the purpose. (The POA had been signed by both of us and notarized, and I had also presented the physician’s letter stating that the POA was necessary.) She insisted, and I said, fine, my mother will not know why she is here or understand what you are asking her or be able to respond coherently, and will likely be agitated and combative to the point of violence, but if that’s what you want to see, I can bring her. She stared at me for a few moments, then backed off of that “requirement," then refused my paperwork on the grounds that it was a copy and not the original. Now I already think something funny was going on because this was a senior banker at a very prestigious national trust institution, who should be well aware that POAs are not for dead people, and that they indicate that the person is incapacitated. But is that something that anyone else has ever heard of?
The teller was absolutely correct about why she/he could not accept it.
1. Many POAs may have restrictions and people hope financial institutions will not review and just do what you want to be done.
2. There is a SPECIAL COURT ACCEPTABLE FORM you need her doctor complete. It needs to be done by the doctor who made the diagnosis. You'll be charged a small fee as it must be notarized by the practice.
3. Take your POA AND THE DOCTOR'S notarized letter to the bank branch your Mom's accounts are housed.
4. Tellers rarely understand what a POA is and what it means. Take documents to the Mgr who will forward a copy of both documents to the legal dept who will also review and Legal will give the OK.
5. DO NOT ALLOW BRANCH TO KEEP YOUR ORIGINALS SO GET SEVERAL NOTARIZED ORIGINALS SHOULD YOU NEED TO GIVE AN ORIGINAL WITH THE CRIMPT RAISED SEAL OF NOTARY OR THEY CAN TELL THE STAMP IS TRULY INKED NOT A COPY.
6. The branch will keep these copies after the approval of the Legal dept.
7. All of Mom's bank accounts will be retitled as POA which restricts how the money can be used.
a) YOU will not be able to write checks to yourself.
b) YOU will/should not have an ATM debit card for the account.
c) YOU can only use the funds for Mom's care and bills owed.
d) As soon as Mom decides to cross the bridge you will need to present the death certificate immediately after the State has issued. THIS FREEZES ALL FUNDS.
e) The reason is the State has the right of 1st dibs on the funds for any unpaid taxes, estate taxes, death taxes and how your Mom has requested the money to be used or split among others her Will.
8. You will go through this with EVERY financial institution you need to deal with for your Mom.
9. As POA, you most likely have the right to use Mom's funds, personal property such as her home to request a loan. Yes, you would have the right to place your Mom's property in peril such as a reverse mtg (don't ever do this, EVER).
10. You will represent your Mom in a lawsuit whether she is being sued or she is suing someone. Should you lose, then you will need to relinquish portions or all of her property.
11. Suggestion, get a RESTRICTION ON HER HOME OR ANY OTHER PROPERTY SHE OWNS.
12. SORRY, A POA IS NOT A GUARANTEE THE PERSON IS ALIVE. FAMILY MEMBERS AND IN-HOME CARE EMPLOYEES RIP OFF THE DECEASED ALL OF THE TIME.
13. If Mom has a SAFETY DEPOSIT BOX this too will be FROZEN. You will only be allowed to remove the deed to her burial plot if she has one. THE STATE WILL REQUIRE AN INVENTORY OF CONTENTS. YOU AND A BANK OFFICER WILL BE REQUIRED TO DO THIS TOGETHER AND SIGN OFF. YOU DO NOT HAVE A CHOICE.
The choice of POA acceptance is decided by the company's policies.
VERY FRUSTRATING. I'VE GONE THROUGH THIS RECENTLY AND I'M A FORMER BANK OFFICER.
FYI: IF THE ACCOUNTS ARE WITH WELLS FARGO BANK N.A. YOU WILL BE REQUIRED TO PROVIDE ALL OF THIS INFORMATION EACH AND EVERY TIME YOU HAVE TO DEAL WITH THEM.
WFB DOES NOT KEEP COPIES ON FILE. THEY WILL MAKE NOTES ON THE ACCOUNT BUT THAT IS NOT A GUARANTEE THEY WILL NOT ASK FOR THE INFORMATION AGAIN.
DO NOT BE AFRAID TO FILE A COMPLAINT WITH WFB HQ in SAN FRANSICO. THE NEW PRESIDENT, CEO WAS THE GUY UNDER JAIMIE DIMON WITH CHASE BANK UNTIL THEY HAD A TIFF.
LIKE A GIRL SCOUT: BE PREPARED.
Hope this helped you as well as a better understanding of POAs.
Our solution was simple: Let our lawyer handle the bank, which she did. No more problem with the bank.