My bank will not accept the durable POA document that my attorney prepared, and told me I must use the bank's own documents. But they will only allow me to name a person who can physically appear in the bank to sign the forms, which is impossible because I wish to name my daughter who lives in another state. How can the bank prevent me from giving someone authority over my account if I am incapacitated?
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We don't think that the bank is wise to accept only its own power of attorney documents, particularly in states that require that a power of attorney be honored in most cases.
Banks that limit powers of attorney to documents of their own creation usually do so to include language that protects the bank. For example, bank-crafted forms usually include a requirement that any revocation of the power of attorney must be in writing delivered to the bank. While we can understand the banks' perspective, we also know that many powers of attorney drafted by lawyers include similar language, along with provisions that address specific needs of the individuals granting the powers of attorney.
As we noted earlier, some states have specific legal requirements that a bank (or other third party) cannot unreasonably refuse to accept a power of attorney.
We'd suggest that you discuss the matter with the attorney with whom you are working. If the bank persists in its refusal, you always have the option to take your business to another institution that will accept the "outside" documents.
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We don't think that the bank is wise to accept only its own power of attorney documents, particularly in states that require that a power of attorney be honored in most cases.
