Handling Power of Attorney Documents on New Accounts

Can an attorney-in-fact open an account, make a loan, and act on an IRA? These questions can cost your institutions thousands of dollars if you don’t know the answers. Learn how to work with these important legal documents.

Handling Power of Attorney documents at the frontline can vary from one set of state laws to another. In many cases the best procedure is to send the document to legal for review. But if you work in a branch and handle these high level documents there are certainly some "dos" and "don'ts" we can all use to make better decisions about who and what can act and on what types of accounts. During this program we will examine multiple types of POAs, when they can be used and some general procedures to implement in your financial institution. You will receive a state law chart and links to your statutes to help with the state specific issues.

Covered Topics

  • Types of Power of Attorneys-Springing, durable, specific, military and other types of POAs
  • New CFPB guidelines for POAs
  • Specific types of power of attorneys on treasury checks
  • State law issues on power of attorneys: Affidavits for Power of Attorneys, POAs accepting the job and recording of the Power of Attorney
  • Durable versus nondurable power of attorneys—what is the risk?
  • POAs on trusts, businesses, UTMA, Social Security Accounts, IRAs and other fiduciary relationships
  • What can a power of attorney do? Can a power of attorney make a loan? Open a safe deposit box? Sign a signature card? Remove an authorized signer?
  • What happens when a POA tries to benefit his or herself such as naming his or herself as Joint WROS, or POD beneficiary?
  • When a conservator is named by the court, does it bump a POA? 
  • How should power of attorneys endorse checks?
  • Who do you run your Customer Identification Program on? Owner or Power of attorney?
  • Can the financial institution set rules for power of attorneys and when should that be done?
  • And much, much more…

Who Should Attend?

This webinar will benefit New Accounts Representatives, Member Service Representatives, Branch Managers, Branch Administration, Compliance, Personal Bankers, Financial Service Representatives, Training and all frontline personnel.

"This webinar was extremely helpful. The speaker was very personable and the handouts were great. I was glad to be able to ask questions at the end." -- Danielle Lane, ATL Federal Credit Union