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?
I feel your pain. I understand the bank looking out for there customers. The banking industry is not how it used to be. You had the same banker for many years. They recognized you. Now its 20 yr olds who only work 30 hours so the bank doesn't have to give them benefits.
Boy this post really hit a nerve!
Did I mention I hate Chase bank?
Luckily the Lawyer who prepared the documents and had given Mum notarized copies, which are just as valid as the original, was also a friend of step dad. He called the bank in question and read them the riot act. Told them in no uncertain terms that they were violating the law and unless Mum received an apology for their rudeness and the additional stress they put her under while her husband was dying, he would be reporting the bank and the individual employees to the banking regulator.
After that call, Mum received proper services from the bank. It should not have taken a call from a lawyer for the bank to behave.
In my case, the financial POA in question was one I wished to give my sister, in case I should be incapacitated in the future. I'm sure the bank has had to deal with this many times and you might ask a senior officer how this could be handled for everyone's safety.
fact is, banks are subject to intense regulation and any thing sniffing of financial elder abuse is going to raise a flag - most folks working in a branch just don't have the background or authority to break the rules especially when it comes to Know Your Customer compliance
Yes, you must ABSOLUTELY have the originals with you. And never leave them out of your sight (for instance on a plane do not check them through).
A copy is NOT sufficient. Do also know that if this account is held in several names and if this is a trust account the POA will not be sufficient. When they question your POA be certain that you acknowledge that they are attempting to protect your Mother against nefarious actors. When I got POA and Trustee of Trust for my brother I was VERY scrutinized. They were acting in his interest. I am hoping you had this done with a Lawyer and all original papers are in order. Be certain to set up an appointment with the bank officer, not a regular teller.
I also never said anything about the account being held in trust or being held in several names. It is her name only with a TOD designated—which is me, alone. I understand and appreciate the extra scrutiny—as I said above in a further answer, I underwent that with every other entity I have dealt with, just no one else seemed to assume the worst and look for a way to deny it.
I do think though that a copy might not be adequate; the firm which I worked for and provided my sister and father's estate plans made "conformed copies". The original was either kept in their safe, or given to the family, but 2 - 3 or more "conformed copies" were also made for delivery to institutions if necessary.
There is not a lot of professionalism left in this world and the consumer gets to pay the price. I agree that they should protect the money that has been trusted to them, but they need to be polite and professional when explaining what their protocols are.
My dads bank sent the POA to their legal department and they confirmed with in 5 minutes that it met their requirements. Common sense approach. When in doubt, ask!
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