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POA On Deposit Acct: Docs for Every Withdrawal?

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When there is a power of attorney used on a deposit account, does the financial institution have to require the documents for every withdrawal or is taking a copy of the documents and having them on file sufficient?

Most banks add the attorney-in-fact as an authorized signer on the account with the presentment of proper documentation. It is up to the principal owner of the account to notify the bank if the POA is revoked.

First published on 11/08/2015

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