Power of Attorney for banking

[carslo 0]

Yesterday, I went to the credit union with my adult daughter to clear out my safety deposit box. Jessica is also the agent on my safety deposit box in the event of an emergency. The customer representative there asked my why I was closing out my SDB, and I said that I was emigrating to the USA on Sunday, she asked me if I was closing my account at this time and I told her no and explained why, She said that was no problem, but asked if I would like to have Jessica added as my power of attorney for banking purposes. She explained that Jessica could carry out banking matters for me, etc in my absence. Seemed like a logical thing to do. Has anyone else had this type of experience? I thought I had prepared for just about everything, then this popped up, and I don't recall having seen it here in the forum before.

Edited June 27, 2009 by carslo

[brnidokiegurl 0]

im my mothers power of attorney (because of age) but i myself havent assigned one, what banking matters could you NOT still do from another location would be my thought, you can still add, subtract, pay your own bills from anywhere, just think of your circumstances

[Udella&Wiz 325]

Sounds reassonable - I have heard others comment on here that they added a parent who could then have a bank card to the account or whatever to make withdrawls.

I personally didn't do it, I mean folks can always make a deposit to your account, but if you need anything more involved like transferring or writing cheques this would be a plus, no?

[carslo 0]

One bonus would be she can close out the account when I am finished with EI, Revenue Canada etc when I don't need an accountr in Canada anymore and I wouldn't have to come back to do that.

Janet

[Udella&Wiz 325]

Yep - good point

[tbaygrrl 2]

I did this when I was working in Iraq. I had my father as my financial power of attorney. It was so handy. He was able to deposit checks, make withdrawls, pay bills, and close accounts for me. Just note, that your daughter will only have power to do these dealings at that specific bank. Her being an agent for you, will not extend outside of the bank. BUt I would recommend that you do this.