Do’s and Don’ts on Power of Attorney Documents

Tuesday, August 3, 2021
11:00 am – 1:00 pm Eastern

Today, someone you have never met walks in with a power of attorney and demands to be added to your customer's accounts—a customer with hundreds of thousands of dollars with your bank. Your customer is elderly and has no children. Immediately, your mind jumps to thoughts of fraud and protecting your customer as you scramble to figure out what to do.

This is when well written and thought out power of attorney procedures for your financial institution can keep you out of litigation and liability. We don’t want to have to decide what to do in each case. We need to know our institution’s procedures to protect the bank and the customer and begin to work those procedures so that we follow state law, our internal procedures and our signature card contract. This program will look at power of attorney “dos and don’ts” and how to prevent your institution from making costly mistakes in handling these high-risk documents. We will also provide you with some guidance about what procedures you should have in place for handling POAs. As a bonus, you will receive a chart with your state law link and key components for your state’s POA statute

Topics Covered:

• Types of Power of Attorneys—Springing, durable, specific, military and other types of POAs
• CFPB guidelines for POAs
• Specific types of power of attorneys on treasury checks
• State law issues on power of attorneys: Affidavits for Power of Attorneys, POAs accepting the job and recording of the Power of Attorney
• Durable versus nondurable power of attorneys—what is the risk?
• Can you have a POAs on trusts, businesses, UTMA, Social Security Accounts, IRAs and other fiduciary relationships
• What can a power of attorney do? Can a power of attorney make a loan? Open a safe deposit box? Sign a signature card? Remove an authorized signer?
• What happens when a POA tries to benefit his or herself such as naming his or herself as Joint WROS, or POD beneficiary?
• When a conservator is named by the court, does it bump a POA?
• How should power of attorneys endorse checks?
• Who do you run your Customer Identification Program on? Owner or Power of attorney?
• Can the financial institution set rules for power of attorneys and when should that be done?

Who Should Attend? 

This informative session is designed for New Customer Representatives, Customer Service Representatives, Deposit Operations, Tellers, Branch managers and anyone who opens or manages deposit account relationships.

Instructor

Deborah Crawford

Deborah Crawford is the President of Gettechnical Inc., a Virginia based training company. She specializes in the deposit side of the financial institution and is an instructor on IRAs, BSA, Deposit Regulations and opening account procedures. She was formerly with Hibernia National Bank (now Capital One) and has bachelor's and master's degrees from Louisiana State University. She has 30+ years of combined teaching and banking experience.

Attendance verification for CE credits provided upon request.

Webinar Sponsored by OnCourse Learning (Total Training Solutions)

If you are having issues with registering online, please contact CBAO's Education, Training & Special Event Coordinator, Patti Webb, (614) 610-1877.