POA Jeopardy

POA

100

When does a Attorney-In-Fact/Agent end? 

When the member revokes it or when the member passes away. 

200

T/F a POA and Trust can co-exist.

False 

300

Can you open an account with a POA if we do not have a current relationship with the Principal/Grantor? 

No we need to have a current relationship with the Principal/Grantor. 

400

What are 3 examples of Transactions a POA can perform? 

transactions (Withdraws/deposits)

Person Maintenance for the principal but cannot perform Account Maintenance.

Open new accounts.

Apply for loans

500

What is an Attorney-in-fact/Agent never allowed to do on the accounts?

• to change or add Payable on Death Beneficiaries to the Principal’s accounts; or to 
• add themselves or others as joint owners to the Principal’s account(s).

Submitting POA

100

Who reviews POA's

Compliance 

200

T/F The Attorney-In-Fact/Agent does not have to have a relationship with us prior to adding a POA to the account. 

True

300

Where will compliance upload all the documents after they review them? 

Archives

400

What is the prepose of the Power-Of-Attorney-Affidavit?

to certify their identity, current power to act and commitment to act as a fiduciary

500

What 3 documents need to be attached to the POA form before sending it compliance? 

• Copy of the POA (legal paperwork outlining the Power of Attorney)
• Power of Attorney – Affidavit
• Copy of the AIF’s valid ID

Definitions

100

 Military powers of attorney

A POA is a legally binding planning tool that gives one person the authority to act on another’s behalf for legal or financial issues for a specified time. Conversations with your service member can help you better meet his or her needs

200

Define Power of Attorney (POA)

This is a legal device in which a person (the principal) gives to a designated person (the Attorney-in-Fact) the power to act on behalf of that principal.

300

Define Principal/Grantor

This is our member (and owner) who has authorized another individual(s) with the legal authority to act on his/her behalf relative to deposits, loans and/or safe deposit box access.

400

Define Attorney-in-Fact/Agent (AIF) 

This is the person(s) that the principal has given the legal authority to act on his/her behalf.

500

Durable

This means the POA is not terminated by the principal’s incapacity (POAs are durable unless they expressly state otherwise).

POAMiscellaneous

100

T/F The POA Affidavit does not need to be notarized. 

False 

200

What type of POA does not need a POA Affidavit. 

Military

300

When using a POA for Consumer loan documents signing what does compliance need to do? 

Review the POA for every loan. 

400

What will compliance run before they approve the POA? 

OFAC is run by Compliance before approving the POA to satisfy CIP

500

If approved what roles will the Attorney-in-Fact be assigned in core?

The Attorney-in-Fact will be given the Attorney-in-Fact and Non Tax Signator roles.