In Massachusetts, is there any problem with a person who is currently a co-owner on a checking account to also be added to the account as a POA for the owner? The potential POA (we are waiting for the paperwork) wishes to deposit insurance checks made payable to the account owner. Since insurance checks require a personal endorsement we are unable to use the deposit stamp.


P.S. Does anyone else hate Power of Attorneys as much as we do?

I think we ALL hate powers of attorney!

If A and B jointly own an account, A can appoint B his/her attorney in fact, and the bank can act on the POA without problem. Often, a bank includes special POA language in its account agreement to cover just such challenges.

The reverse is not true. That is, if A is attorney in fact for B, A cannot -- in most states and in most cases -- create joint ownership of B's account for himself (or anyone else).

(Edited to correct an error pointed out by "Anonymous" in post that follows -- JSB)

Powers of Attorney are my favorites...In any event I would like to correct part of what John said in his reply. I think there is a typo in there... John said in effect that "if A is the Attorney in fact for B(i.e. the holder of the power of attorney form) then B cannot create a joint account" I think it should read that in that case A cannot creat a joint account from an account which is in B's name. This is one of the most common issues we have with POA's and one I cannot communicate very well on with me fellow attorneys. They just don't get it...

Thanks, Anon, for the sharp eyes. I should only post when mine are fully open. I will correct my error to prevent confusion.