Joint Power of Attorney - Joint Access to Bank Account?
- Thread starter Ian Curtis
- Start date
Sometimes that tends to happen. But if 'severally' was crossed out on the POA form, then you should both have to sign on the account for any transaction to occur. Hence why your access online was cut off.
I'd have said not till revoked. Revocation could only happen by authorised person. Mother is no longer capable, and this POA (joint) requires two signatures so revocation would require two signatures to be effective.
They got me to call ASIC who referred me back to FOS. The impression they gave was that I would have to take this to court if I wanted actual laws to be applied to this situation. I guess the bank knew this all along which is why they are making up the rules as they go along.
But I was signatory to the account before the dementia. As Samantha notes: the question is whether the PoA overrides this.
No, unless there is a valid and joint decision made under the POA.
All acts/decisions your mother previously made, including access to her account, remain valid acts.
Imagine telling a bank that she no longer has to pay the mortgage she signed because we now have POA. Or you telling the bank to transfer all your mother's money into your account just on your say, without your brother's permission.
I haven't checked timelines to know if you can still complain about the Bank's response. Clearly they avoided answering the question being asked. I'd go back to the FOS and complain about the Bank's failure to answer the question.
All acts/decisions your mother previously made, including access to her account, remain valid acts.
Imagine telling a bank that she no longer has to pay the mortgage she signed because we now have POA. Or you telling the bank to transfer all your mother's money into your account just on your say, without your brother's permission.
I haven't checked timelines to know if you can still complain about the Bank's response. Clearly they avoided answering the question being asked. I'd go back to the FOS and complain about the Bank's failure to answer the question.