Handling Power of Attorney Documents
Compliance, Customer Service, Deposit Compliance, General Compliance, Risk Management/Legal, Transaction Compliance
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.