How to Close Out a Bank Account With a Power of Attorney
If you are designated the agent for another individual through a financial power of attorney, you are vested with specific authority. Through a general financial power of attorney, you have the legal ability to deal with all financial matters of the grantor. On the other hand, the grantor may have delineated specific areas in which you can act on her behalf. Provided it is within your grant of authority, you legally can close a grantor's bank account with the power of attorney.
Other People Are Reading
Instructions
-
-
1
Obtain the original power of attorney document. The bank in question will need to review the original document to verify its authenticity.
-
2
Make an appointment with a staff member at the bank. You likely do not need an appointment. Because you are using a power of attorney to transact business, however, you need a bit more time than if you were closing your personal bank account.
-
-
3
Go to the bank at the appointed time, with the power of attorney.
-
4
Advise the bank staff member that you desire to close the grantor's account.
-
5
Show the staff member the original power of attorney. The banker will need to make a copy of the document.
-
6
Request that the proceeds from the account be paid out in a cashier's check. The cashier's check is made out in the name of the grantor.
-
7
Make a copy of the cashier's check for your records.
-
1
Tips & Warnings
Consolidating a grantor's bank accounts may make sense. A consolidated account is easier to manage.
Because you are acting on behalf of another individual, you need to make sure that you appropriately deal with her finances and assets. Fully document every step you take in closing out a bank account with a power of attorney.
