POA in regards to CD's at Bank.

[niclydon]

What is the name of your state? FL

I currently have a Durbale POA for my 94 yr. old great-uncle. I recently went to his bank, where they have a copy of the POA onfile, to cash two of his CD's into his regular checking account. (The CD's, as well as the checking account) also have his sister's name on them. The person at the bank told me that I could not cash the CD's into the account, but if I brought him in person to the bank he could do it. Unfortunately, he will not leave the house and hasn't for many months. Does the durable POA grant me the right to cash those CD's into his regular account on his behalf? If so, how to I explain this to the bank, who has insisted that he must come in on his own to do it. (I've also asked them to send a representative to the house, which they refuse to do.) Any help would be greatly appreciated.

 

[BlondiePB]

What is the name of your state? FL

I currently have a Durbale POA for my 94 yr. old great-uncle. I recently went to his bank, where they have a copy of the POA onfile, to cash two of his CD's into his regular checking account. (The CD's, as well as the checking account) also have his sister's name on them. The person at the bank told me that I could not cash the CD's into the account, but if I brought him in person to the bank he could do it. Unfortunately, he will not leave the house and hasn't for many months. Does the durable POA grant me the right to cash those CD's into his regular account on his behalf? If so, how to I explain this to the bank, who has insisted that he must come in on his own to do it. (I've also asked them to send a representative to the house, which they refuse to do.) Any help would be greatly appreciated.

Why do you want to cash the CDs?

 

[niclydon]

My uncle wants them to be cashed into the checking account to pay for new flooring to be put in his house (he had wall to wall carpeting, but can't move around in wheelchair) and to have a privacy fence put around the house. (The major problem is that he will not leave the house for anything now that he is in a wheelchair, and he wants the privacy fence so he can sit outside without people seeing him.)

 

[BlondiePB]

My uncle wants them to be cashed into the checking account to pay for new flooring to be put in his house (he had wall to wall carpeting, but can't move around in wheelchair) and to have a privacy fence put around the house. (The major problem is that he will not leave the house for anything now that he is in a wheelchair, and he wants the privacy fence so he can sit outside without people seeing him.)

Thank you. The bank has every right to do what they are doing. Third parties do not have to honor a POA and/or what a POA wants to do. The bank is only protecting your uncle's money, and rightly so. To do what your uncle wants to do, he must go to the bank or make other arrangements to pay for the flooring and fence. Do not pay for this with your own money. Also, get uncle to his physician. Anti-depressants may be beneficial for him.

 

[Dandy Don]

Have your great-uncle call the bank and speak to the bank president/manager to explain the situation why he can't come in in person and explain that you are the authorized representative. However, the first hurdle you need to climb is getting sister's name off the account as co-beneficiary and your great-uncle needs to fill out a form provided by the bank to do that--otherwise you need to be getting sister's permission to cash in this money because it is half hers.

The bank is being a little bit unreasonable, but since they hold the cards you must kiss up to them for now.

DANDY DON IN OKLAHOMA ([email protected])

 

[BlondiePB]

The bank officer wants to see 94 yr. old great uncle in person. The bank officer will make a judgement call of whether or not uncle is competent and whether or not there could be fiducial abuse of the POA. Should bank officer determine uncle is not making a mentally sound decision regarding the money, the bank officer will call APS - just as they are supposed to do.

It certainly would be nice if the bank officer would go to uncle's home; however, that is the discretion of the bank officer. I do agree about the hurdle regarding the CDs being they are joint accounts.

 

[niclydon]

Thanks for the help folks, we were able to get this solved. The bank was able to compromise and actually handled the whole thing through the drive-up window. They explained that they had seen instances where a death went unreported for weeks while relatives cleaned out accounts, and really just needed to see my uncle in person. Anyway, thanks again.

 

[BlondiePB]

Thanks for the help folks, we were able to get this solved. The bank was able to compromise and actually handled the whole thing through the drive-up window. They explained that they had seen instances where a death went unreported for weeks while relatives cleaned out accounts, and really just needed to see my uncle in person. Anyway, thanks again.

You are very welcome. The bank is absolutely correct about relatives cleaning out bank accounts.