In some cases, however, particularly when conflicting or inadequate evidence is presented to a bank, the bank may require a court order to resolve the matter. Usually, the review can be accomplished internally within a few days. If front-line employees have concerns about your POA or your Attorney’s instructions, they are to escalate the matter for review to more senior staff within the branch and/or to other experts within the bank. What can I do if the bank refuses to accept my POA?
certain transactions appear to be for your Attorney’s own benefit (including large cheques payable to your Attorney, large cash withdrawals by your Attorney, and large transfers from your account to your Attorney’s account), unless the POA specifically permits your Attorney to use your money for his or her own benefit. your Attorney instructs the bank to appoint or change the beneficiaries on any of your RRSPs or RRIFs, or. your Attorney instructs the bank to change the ownership of the account (for example, to make your account joint with your Attorney) unless the POA specifically permits your Attorney to do so,. you die, - POAs are only valid while you are living. you have more than one POA and the instructions are in conflict,. it has been issued for a limited period of time and that time has passed,. it is a limited POA that authorizes your Attorney to do only certain transactions (for example, deposit funds to and pay out from your bank account) and the Attorney tries to do something else (e.g. it doesn’t meet the applicable legal requirements for instance, a foreign POA may not be recognized under the law of the province or territory where your accounts are located,. There are circumstances however, when your bank may refuse to do so, including if: Generally, banks carry out the instructions of your Attorney based on your valid POA. Why would my bank refuse to act on a POA? the witnesses cannot be the named Attorney, the Attorney’s spouse or partner, your spouse or partner, your child or a person you treat as a child, a person whose property is under guardianship, or anyone under the age of 18. the POA must be witnessed by two individuals, in your presence and each other’s, and. you, the grantor of the POA, must be capable – the Act sets out seven indicators of capability,. In Ontario, for example, the Substitute Decisions Act requires that: These requirements vary from province to province. The POA must meet all provincial or territorial requirements. Ideally you should consult a legal professional for advice on drafting a valid, general POA. Bank policies do not require you to use that form.) (Some banks have a form of POA you can use. The POA may be general or limited or restricted in some way, as long as it permits the types of transactions you expect your Attorney to do. Generally, banks will accept a POA that meets applicable requirements and gives the Attorney the ability to conduct the desired financial transactions.
If an Attorney’s transaction comes to the attention of the bank and it appears unusual – for instance, if the Attorney pays substantial amounts to him or herself – the bank may try to confirm the transaction with you if possible (if you have capacity), ask the Attorney for additional information to better understand the transaction, or decline the transaction. That is why it is so important to select your Attorney carefully. Banks take the welfare of their clients very seriously, but they do not monitor all transactions that might be done by a client’s Attorney, particularly in an online or telephone banking environment.
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