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Using Banks and Bank Accounts/convert CDs with durable power of atty

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Question
I have Durable power of attorney for my elderly parents.  They have several CDs, one mature and 3 others reaching maturity soon.  I want to deposit the funds into their checking account instead of rolling them over another 6mos.  They need the funds now to meet their physical and mental health issues.  The bank, however, will not honor the POA, executed in 2006, and insist my parents go to the bank to personally sign paperwork.  This isn't possible!  I thought this document allowed me to act on their behalf as they became incapacitated. What can I do?

Answer
Hi Debbie,

This is an unfortunate situation, but this policy depends on the bank.  Different banks have different rules when it comes to POA.

I've worked for banks that allowed outside POA forms for transactions, and some that did not and you had to be a POA on the banks system and signature cards.

I suggest speaking to the Branch Manager, and asking a bank rep or employee to come out to the site where your parents are and adding the POA, if the bank will be willing to do that.

Good Luck!  

Using Banks and Bank Accounts

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George

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Anything pertaining to Commercial or Retail Banking. Including, Interest rates, Lending, as well as Prime Rate questions. Also can help with online banking questions including all regulations.

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Retail and Commercial banking since 2002. Currently employed as an Assistant Vice President at a Commercial Bank.

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Chamber Of Commerce, National Notary Association

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Extensive credit knowledge.

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