Handling Power of Attorney Documents

Many financial institutions take thousands of dollars in loss on POAs. These losses typically involve letting the POA do activity outside the scope of the document. It usually includes elder fraud and minor fraud. It occurs when someone you have never met walks in with a power of attorney and demands to be added to your member's accounts - a member with hundreds of thousands of dollars with your bank.

Recorded Wednesday,
December 14th, 2022
Presented by Deborah Crawford
1h 30m total length
$279.00 or 1 Token

Includes: 30 Days OnDemand Playback, Presenter Materials and Handouts

  • Compliance
  • Customer Service
  • Deposit Compliance
  • General Compliance
  • Risk Management/Legal
  • Transaction Compliance
  • Branch Manager
  • Compliance Officer
  • Customer Service Representative
  • Deposit Operations Manager/Specialist
  • New Accounts Representative
  • Privacy Officer/Information Security Professional
  • Private Banker
  • Risk Manager
  • Security Officer
  • Senior Management
  • Teller

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Your member is elderly and has no children. Immediately, your mind jumps to thoughts of fraud and protecting your member as you scramble to figure out what to do. This is when written and thought-out power of attorney procedures for your financial institution can keep you out of litigation and liability. We don't want to have to decide what to do in each case. We need to know our institution's procedures to protect the bank and the member, and begin to work on those procedures so that we follow state law, our internal procedures, and our signature card contract. This program will look at power of attorney "dos and don'ts" and how to prevent your institution from making costly mistakes in handling these high-risk documents. We will also provide you with some guidance about what procedures you should have in place for handling POAs. As a bonus, you will receive a chart with your state law link and key components for your state's POA statute.

What You'll Learn

  • Types of Power of Attorneys - Springing, durable, specific, military, and other types of POAs
  • 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 a power of attorney can do
  • 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 and how it affects a POA
  • How power of attorneys endorse checks
  • Customer Identification Program
  • And much, much more...

Who Should Attend

This informative session is designed for New Customer Representatives, Customer Service Representatives, Deposit Operations, Tellers, Branch managers, and anyone who opens or manages deposit account relationships

Deborah Crawford

Instructor Bio

Deborah Crawford is the President of Gettechnical Inc., a Florida based training company. She specializes in the deposit side of the financial institution and is an instructor on IRAs, BSA, Deposit Regulations and opening account procedures. She was formerly with Hibernia National Bank (now Capital One) and has bachelor's and master's degrees from Louisiana State University. She has 35+ years of combined teaching and banking experience.