How to Open a Joint Checking Account With Power of Attorney
A durable power of attorney is a legal document that assigns power to a trusted individual, known as an agent, attorney-in-fact or power of attorney, to make financial and personal decisions on behalf of another person. A power of attorney can be a close friend, relative or professional such as an attorney or accountant. In most states, a durable power of attorney must be notarized for it to take effect. When opening a joint checking account, bring the durable power of attorney to the bank and complete an application.
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Instructions
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Research the customer service ratings of local and national banks. Stay away from banks that do not have FDIC insurance when researching possibilities. Applying with a bank with which you or your spouse has an existing relationship may expedite the application process.
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Select a type of joint checking account. The most common joint account is called a joint tenant with rights of survivorship. Select this option if you and your spouse are opening a joint account and want a power of attorney to act as an authorized signer. With this joint account, all assets pass to the surviving party if the other person passes away. The power of attorney still has authority to transact business on the account.
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Select a tenancy in common account, if you wish to open a checking account with just your power of attorney and no one else. When you pass away, your account assets will go to whomever you designate in your will.
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Inquire about account terms, banking fees and the bank's official policy for the type of joint account that you've selected.
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Complete an application. Have the parties involved provide basic personal information: a government-issued photo ID; Social Security number; mailing address; and telephone number or e-mail address.
Bring a notarized photocopy of the original power of attorney documents, which include the name of your durable power of attorney, as well as statements authorizing the power of attorney to obtain information regarding your accounts and close them and stating that the authorization is effective even if you become incapacitated. The durable power of attorney must have a signature and signing date.
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Tips & Warnings
Electronic applications are available online, and paper applications are available at the bank.
Whoever opens the account, must complete the paperwork and add the names of any authorized signer.
You must contact the bank to ask for specific guidance on what it requires to open a joint checking account with a power of attorney.
References
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