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Is it a requirement for the Power of Attorney to be notarized?
Yes. The Power of Attorney must be notarized.
Who is a Principal on a Power of Attorney?
The person (account owner) authorizing another person(s) (Agent) to act on their behalf.
Where is the Affidavit of Attorney-In-Fact stored?
The affidavit should be placed in the scan to Nautilus folder
What account roles should the Agent have?
The Agent should have the role of POA and Authorized Signer
Who is an Agent on a Power of Attorney?
The person authorized to act on behalf of the Principal, also known as an Attorney-in-Fact.
Where is the power of attorney information stored?
Power of Attorneys should be placed in the scan to Nautilus folder
Is it permissible for an associate to notarize a Power of Attorney and an Affidavit of Attorney-In-Fact?
Yes it is
Can a Power of Attorney be voided?
Yes. The Principal has the authority to remove an Agent as the Attorney-in-Fact.
Will the Agent have access to online/mobile banking or a debit card?
The POA role will give the Agent access to online/mobile banking. If the Agent requests a debit card, the role of ATM Cardholder must be added.
Is it a requirement for the Power of Attorney to be notarized?
Yes. The Power of Attorney must be notarized.
Why are associates required to get an Affidavit?
The Affidavit protects the bank by having the affiant certify that they are the duly appointed Attorney-in-Fact and as of the current date, the POA is genuine, valid and still in effect.
Does a Power of Attorney checklist have to be completed each time the Power of Attorney is used for a transaction?
No. The Power of Attorney Acceptance Checklist is completed when the Power of Attorney is put on file at the bank.
Who can approve a Power of Attorney?
If the POA can be approved in the Branch, then either a Manager, Assistant Branch Manager or Area Manager can approve the POA. If the POA requires further review, the checklist and the POA document will need to be emailed to the Power of Attorney mailbox.
Why are associates required to get an Affidavit?
The Affidavit protects the bank by having the affiant certify that they are the duly appointed Attorney-in-Fact and as of the current date, the POA is genuine, valid and still in effect.
Does the Affidavit of Attorney-In-Fact need to be signed in the presence of a notary?
Yes. This form should be signed and notarized each time the form is completed.
What is a Power of Attorney?
A Power of Attorney is a written authorization by a person (the Principal) to designate another person (the Agent) to make decisions and act upon the Principal’s behalf. Power of Attorneys name the Agent and the powers granted
Can we accept a Power of Attorney on a loan?
Yes. However, a POA for a loan CANNOT be approved in the branch.
If an Agent is closing an account for the Principal or Owner of the account, how should the official bank check be payable?
If a bank check is issued to close out an account, it should be made payable to the Principal or Owner of the account. The check should not be payable to the Agent or Attorney-In-Fact.
When does a Power of Attorney take effect?
The Power of Attorney designation becomes effective once document is signed and notarized. However, in some instances, there is verbiage in the document stating that it will not become effective until additional circumstances occur. The POA document needs to be read and reviewed to determine when it will become effective.
How often does an Affidavit of Attorney-in-Fact need to be completed?
An Affidavit of Attorney-In-Fact is required upon acceptance of a Power of Attorney and for transactions that are outside the normal course of business. A new Affidavit has to be completed and signed each time an Agent conducts one of the following transactions at Carter Bank: Purchasing a Cashier’s Check, Closing an Account, Large Withdrawal/Check Cashing, and any other transaction that is not within the normal course of business. If an associate has any doubt about the transaction, an Affidavit of Attorney-In-Fact should be completed.
What happens to a Power of Attorney when the Principal passes away?
The Power of Attorney is no longer valid because it ceases at the death of the Principal. In the event of the Principal’s death, the Agent must be removed from the account.
What does Jointly and Severally on a Power of Attorney mean?
“Jointly” means that more than one Agent is appointed. The word “severally” allows each Agent to exercise their powers alone.
Once a POA has been accepted, will associates need to review it at a later date?
Whenever a request is not a routine banking transaction, the Branch Manager or Assistant Branch Manager should review the POA document to determine if the POA document allows for the request. Review the POA document if an associate is unsure if the request is a routine banking transaction.
How should a document be signed by an Agent or Attorney-In-Fact?
They will sign the Principal’s name first, notate “by” and then sign the Agent or Attorney-InFact name followed by the description – “Attorney-In-Fact.” Example: Mary Smith by John Smith, Attorney-In-Fact.
Can the Agent add or remove names on the account?
No. A General Power of Attorney does not cover the change of beneficiary or a joint owner. However, a POA document may contain specific language that will allow changes to be made to the ownership or beneficiary of an account. The POA document needs to be read and reviewed to determine what is permitted.