Bank Ignorance Results in Power of Attorney Issues
I went to the bank today for a client with a power of attorney document that should have been valid because of laws and regulations. However the bank would not accept the document. This happens frequently with banks who lack specialization in estate and trust law. In this case it’s likely, even probable, that this document will have to be redone at the expense of the client because their bank account was at a bank that just doesn’t know better. If you find yourself heading toward or in this situation here are a few suggestions. Have your attorney fax the document to the bank to determine if the document will be accepted prior to either signing or visiting the bank in person. While this may seem like a waste of time or money it can save headaches and time. Even if you do have a power of attorney document, most banks have their own form that will require signatures. Do some pre-work and find a bank that is familiar with power of attorney, trusts and estate accounts. You will save yourself hours of time and frustration.