Banks and Power of Attorney

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jonesMUFCforever wrote: »

Look at it from the bank's point of view they allow you to have internet access - you transfer say £5k into one of your own accounts - in breach of the PoA then the other attorney gets wind of it and blames the bank!

Under the law the if the donor wishes to have 3 attorneys or one they they are perfectly entitled to do so. The donor's instructions and wishes are clearly stated within this deed. Therefore the banks do not have a say in how the POA is conducted. Only the donor has that right. The banks would not be liable for illegal transfers unless they have not followed the donor's instructions.

The liability rests with the attorneys. So any illegal transfer of funds will result in criminal sanctions against the attorneys not the bank. The admin pukes at the bank clearly have no understanding of the legality of the POA.

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le_loup wrote: »

Change the POA.
Either there is trust, or there is not. I cannot see any financial institution being happy to comply with such complexity.

The POA contains clear instructions from the donor. The banks are obliged to listen to them. The banks are not authorised to make up their own rules as they go along. The point of a financial POA is that the Attorneys have the legal authority to manage the financial matters on behalf of the donor.

le_loup

And banks are not obliged to give a bank account to anyone who wants one. Pick the bones out of that!
If you chose to ride a high horse, don't expect the rest of us to get you off it.

jonesMUFCforever

Just as well then that POA have to go through the court of protection these days - a lot of rubbish incomprehensible clauses will be dumped there.