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Joint Owners as POAs?

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We are having a debate as to whether a person can be on a joint account as both an owner of the account and also as a Power of Attorney for the other owner. Most of us have been previously informed that a customer can be one or there other, but that they nullify each other. Currently, when putting POA's on our database, we list them as a "signer" on the account and designate the type of signer as POA...when there is a joint account with one of the signers as POA for the other, he is listing one owner on the account twice, once as owner and signer and once as POA signer.

Actually, reciprocal powers of attorney between joint owners is a fairly common thing. In fact, I have seen a number of bank deposit contracts that include a paragraph setting up exactly that sort of arrangement, limited to the account and to the endorsement and depositing of checks payable to the other owner.

It's also common for spouses to have reciprocal powers of attorney for other purposes, and they generally include language relating to bank accounts, investments, etc. That may not be a choice that all couples would make, however.

First published on 6/08/09

First published on 06/08/2009

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