Power of attorney to the bank account
Access to our bank account can be given to anyone whom we personally allow. This is what gives the power of attorney to the bank account.
Every ROR account holder in any bank has the right to grant access to the account to a third party, related or not. Which functions the attorney will have access to depends only on ourselves. Let’s examine the possibilities offered by the power of attorney.
Who can be a bank account representative?
An attorney can be any person who obtains our permission. Most often it is a spouse or child, but there is no need for a relative. Access to our account can be obtained by a good friend or another person whom we fully trust. Account rights can be the same or restricted according to the owner’s preferences.
If we do not trust a person fully, we can determine in advance the conditions on which membership will be obtained. The contract signed at the bank’s branch may take into account the amount of daily cash withdrawals or non-cash transactions made using a payment card. We set the scope freely. A properly constructed power of attorney will protect the owner of the ROR account from unwanted instructions for the attorney.
The procedure for determining the power of attorney to the bank account
We devoted a separate article to this issue, but it would not hurt to remember the main principles of determining the power of attorney. The account owner should use the forms developed by banks, which are available at the branch or on the website. The document should include information regarding the personal data of the account holder and the attorney, their places of residence, date of the document and scope of access to the ROR account.
It is also possible to set the period for which the power of attorney is to be issued. This contract should end with the signature of the principal and the proxy. A specimen of his signature is required by banks, because with his help he will be able to withdraw money from his bank account if he has such scope.
Determining the power of attorney does not require a visit to the bank’s headquarters and this can be done by correspondence.
The debtor’s debts and the money on the owner’s account
The bailiff cannot seize the money of the owner of the ROR account because the money accumulated on that account does not belong to the property of the attorney. If in some way the attorney’s debt was removed from the principal’s account, he has the right to appeal against this judgment and to clarify the situation by bringing an action.
The power of attorney for the bank account will expire
It can take place in several situations defined by law.
The first is a reasoned appeal against the decision to grant the power of attorney to the principal who has the right to do so at any time. The power of attorney expires immediately when the bank accepts the order.
Another reason may be the death of the owner or representative. From the time the owner dies, the attorney is not entitled to any withdrawals from the account or to make transactions. If the payment is made after the death of the principal, without notifying the banking institution, the law is broken.
The heirs have the right and even obligation to recover the money collected by their representative. It is important to submit a relevant notification to the prosecutor’s office about the crime committed, because only on its basis you can bring an action.
The power of attorney expires also when the owner closes the account.