My mother and I have a jointchecking account under her tax ID. After I lost my job I have been having some overdraft problems with my separate single-ownership account.
The bank is pulling funds from my mom’s account to cover my overdrafts and I don’t want them to do that. If I am the POA for my mom, can I take my name off of her account so she won’t be penalized for my problems?
She is 84 years old and in a wheelchair and is unable to go to the bank. I am being told that there is no recourse, that I am not able to take my name off of her account even though I have Power of Attorney. Is that correct?
See whether you, acting under the POA, can establish a new account in your mother's name only at the same or at a different bank. If you can do that, close out the old account (as a signer on the account, you have that authority) and move the funds to the new account.
When you're done, your bank will no longer have any legal right to tap your mother's funds to cover your personal overdrafts. It might be very helpful for you to find a way to stop overdrawing your individual account. That would solve your account transfer problem without having to opoen an account elsewhere.
Published on BankingQuestions.com 6/05/07
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See whether you, acting under the POA, can establish a new account in your mother's name only at the same or at a different bank. If you can do that, close out the old account (as a signer on the account, you have that authority) and move the funds to the new account. 