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Revocation of a power of attorney

Question: 
Our customer notified us in writing he has revoked the power of attorney he gave to Sam Smith. Does the revocation apply to all of our customer’s accounts that Sam signs on?
Answer: 

If the power of attorney has been revoked, it affects every account that Sam could sign on because he had that power of attorney. That’s why a bank should annotate their records to identify each account affected when a power of attorney is accepted.
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Learn more about John Burnett’s webinar DEPOSIT ACCOUNTS: Closings and Changes

First published on 09/22/2019

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