I have a joint account with my Mom but can her husband who has POA clean it out?

Follow
Share
This question has been closed for answers. Ask a New Question.
30

Answers

Show:
1 2 3
There are many different types of POA out there, and many different bank policies, and its difficult to generalize about what can happen with various combinations of documents. But in my experience I have never found my bank, or my rerelatives (that work at nationwide financial institutions) will simply allow a total clean-out of an entire account, especially when there is a joint owner. My point is that good fin inst's do move very slowly and take care to verify the identity & authenticity of someone claiming to be a POA. If a bank is not able to provide this basic level of security, they are begging for a bunch of lawsuits. Go google "POA bank accounts" or variations of that and read all the Real Life problems that have happened, on all sides-- too lenient, and too strict. The best practice (and I'm not a lawyer) would seem to be, have a POA with limitations (agent cannot make gifts to themselves of the principal assets) and require periodic accountings to principal as well as others such as family and perhaps the family attorney;a lso when you set up the POA go over to all the various financial inst's and get the signatures taken right away, make sure all of these institutions have a clear documentation of exaclty who the POA is (they will take a copy of your driver's license and another form of ID). These types of proactive housekeeping just seems like common sense to me.
Helpful Answer (1)
Report

A POA that has authority over financial matters can do as the POA pleases, in all states, and can change names on bank accounts, withdraw and spend all assets, sell assets including real estate, and enter into binding agreements and debts. This is why it is SO IMPORTANT for the selection of the POA to made with due diligence and that limitations be expressly included in the POA documentation.
Helpful Answer (0)
Report

I guess it varies from state to state, bank to bank, but the thing is, the OP's mom has *granted POA to step-father. There's no reason to think she *wouldn't sign bank forms, too, if required, since the reason to have POA is to allow someone to act on your behalf. Original Poster, I would strongly recommend taking your portion of the money out of thr joint account. Remain owner so that you can both monitor transactions and have the authority to report it if you see that your mom's money is being stolen. Being an owner will carry more weight if you need to make a complaint or take legal action. I'm so sorry you're in the position of having to worry like this. Just keep monitoring the account. Online access makes this easy. Good luck to you.
Helpful Answer (0)
Report

I did a google of bank of america and durable POA and a case involving the BOA in Florida came up over this very issue where they denied the acceptance of a durable POA and they were found liable for doing so back in 2009.
Helpful Answer (0)
Report

Well in NC the rules aren't that tight and that was with Wachovia at that time who since have been bought by Wells-Fargo.
Helpful Answer (0)
Report

And I have been appointed POA for both my parents, and have been to all their various financial inst's, and they ALL had a completley different set of forms for me AND both parents to sign. The POA form (original) was NOT sufficient. Additonally I was told, at one place, it was really good we were all there together, since they had another client from far out of state who was his dad's POA, but they could not and would not help him one iota on his dad's accounts as he was not able to come in, in person, with his dad. That was USBank.
Helpful Answer (0)
Report

But, when people have gone to bank (major, nation-wide bank) with just the POA document (the original), without the person who owns the accounts, they are rountinely asked to sign additonal documentation and the account owner ALSO has to sign these papers. It is the bank's "own forms". If you search this website you will read where other people have encountered same set of safeguards, put in place by banks (and other financial inst's) specifically to protect against an unauthorized person wielding this powerful document. And my relatives who work in fin inst's also tell me the same. Not sure where you are experiencing a looser set of rules, but I would rather do business with fin inst's that double, triple and quadruple check the validity of mere POA documents. Yes, very powerful, and therefore, very suspicious.
Helpful Answer (0)
Report

Samara, yes, I am saying that. Look up what power of attorney means. It's giving someone else the power to act on your behalf as pertains to financial matters. My POA document lists roughly 11 different "matters" that I can act on, on behalf of my mother, including checking accounts and safe deposit boxes. When you give someone power of attorney, that person can access your accounts exactly as you would. I have made deposits and withdrawals for my mom with this document. I can't say it strongly enough. POA is a powerful and potentially dangerous document. POA is not proof of account ownership. The "attorney in fact" does NOT become an account owner, but the POA document DOES authorize the attorney in fact (person granted POA) to act on behalf of the account owner who had granted that power. This is really helpful for people who are too ill to handle their own affairs.
Helpful Answer (1)
Report

moms investments are in her name and mine either it saids she and he not she or he. with the poa are her checking acct since she can't functional i use her checking acct for her bills, such as paying for the people who take care of her. that way if ever challenged in court none of her $ is used by me for boats,trips, cars etc. its only used for care totally and the bank here honor it totally.
Helpful Answer (0)
Report

Christine73, I'm really surprised to read your comment, are you saying that your POA document, separate from the Bank's Own Documents, are being accepted as proof of account ownership, with complete account privileges? My brother works at a major bank, and a cousin at a smaller credit union, and they both tell me otherwise. Banks, as well as credit unions, and investment firms, all are extremely careful with customer's monies, and that's a good thing. Otherwise anyone could walk in with forged POA documents and "clean out" anyone's account.
Helpful Answer (0)
Report

1 2 3
This question has been closed for answers. Ask a New Question.
Related
Questions