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#2045517 - 10/21/15 07:49 PM Qualifile
PorcelainDoll Offline
Member
Joined: Sep 2015
Posts: 93
The West

If an agent presents us with valid POA, but has a Qualifile/Chexsystems record are we allowed to decline the POA? Or do we need to accept the Agent regardless? I'm referring to an existing account. Not a request to open an account with a POA.
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PorcelainDoll
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Operations Compliance
#2045541 - 10/21/15 08:56 PM Re: Qualifile PorcelainDoll
Mocha's Mom Offline
Platinum Poster
Mocha's Mom
Joined: Jun 2004
Posts: 633
Western MA
The bank does have the right to refuse a POA as your first obligation is to protect your customer. We have refused POA's in the past when the POA would not qualify to have an account and we have this stated in our policy and procedures. We don't want to grant someone access to another's funds if they have multiple unpaid closures with other banks.

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#2045579 - 10/22/15 01:26 PM Re: Qualifile PorcelainDoll
PorcelainDoll Offline
Member
Joined: Sep 2015
Posts: 93
The West
Thanks for your response. Makes total sense to me.
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PorcelainDoll
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#2046079 - 10/26/15 02:55 PM Re: Qualifile PorcelainDoll
Elwood P. Dowd Offline
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Elwood P. Dowd
Joined: Aug 2001
Posts: 21,939
Next to Harvey
You have an existing customer who has appointed an attorney-in-fact? You want to turn the attorney-in-fact down as an authorized signer based on a report provided by a negative data base, aka a consumer reporting agency?

The attorney-in-fact is not applying to do business with you; your bank has no right to run his name/TIN through a consumer reporting agency unless he or she has given you written permission to do so.

There is a huge difference between refusing to accept the POA (the document) and refusing to accept the attorney-in-fact (the person empowered by the document).
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