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POA Opening an Account

I am POA for my brother. He is unable to sign. Can I open an account in his name?


As you might imagine, this question comes up pretty frequently when we have numbers of servicemembers overseas, but regardless of why your brother is unable to sign account-opening documents, banks are often extra careful when asked by an attorney-in-fact to open an account and the principal (your brother's position in this scenario) isn't able to sign or even visit the bank.

Make certain the power of attorney document specifies that you, as attorney-in-fact, are authorized to open and maintain a bank account on your brother's behalf. Then, you'll have to inquire of banks in your area to determine whether they will open an account for him under these conditions. It's more likely that the new account will be accepted by a bank that knows you and/or your brother.

Published on BankingQuestions.com 8/31/06