The bank power of attorney is a document (a mandate) which gives the possibility to the holder of an account (the principal) to authorize a third person (the agent) to carry out banking operations.
Clearly, the account can be partially or totally controlled by someone other than its owner. We will say that this individual has power of attorney over the account.
How to give power of attorney?
The power of attorney to an agent is written on plain paper or on a form provided by your agency.
It includes the surnames , first names , tax addresses and the signatures of the agent and the principal. The original of the document is kept at your bank.
Multiple proxies can be chosen. It is possible to specify whether you want their actions to be individual, or whether, on the contrary, each operation they undertake must be done jointly.
Good to know
Legally, your adviser is not authorized to issue you a power of attorney on a young person’s savings account or life insurance.
Note that the institution is not required to accept a power of attorney request, especially if the agent is the subject of a Banque de France file.
How to withdraw your power of attorney?
The power of attorney can be canceled at any time by the principal and is notified by registered mail to his agency.
A second RAR is sent to the agent to claim the return of the means of payment (chequebook, card).
The proxy can also cancel the power of attorney by following the same procedure described above.
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Limits of the power of attorney and the powers of the agent
The principal sets the terms of the power of attorney , including:
the duration ;
ceiling amounts;
authorization or prohibition of specific operations.
Once these terms have been specified, the agent exercises only within the framework of the power of attorney entrusted to him.
Of unlimited duration or limited in time , the power of attorney ends with the death of the principal or agent. In the first case, death results in the blocking of the current account .
Personal bankruptcy, a court decision prohibiting management or placing under guardianship also extinguishes the power of attorney.
If the latter was given within a couple, in the event of official separation, the power of attorney continues to run as long as it is not denounced.
A single power of attorney can relate to several accounts. These “multi-account” proxies give the agent the possibility of using the current account, but also the savings account .
Good to know
A proxy is not authorized to close the bank account of his principal.
In case of doubt about the practices of an agent , the family can ask the bank to provide proof of the existence of the power of attorney that raises the question.
Otherwise, it is possible to request reimbursement of withdrawals made improperly.
The client remains responsible
The person who benefits from the bank power of attorney can be given a checkbook in the name of the account holder.
This check book allows him to withdraw cash at the counter of the principal’s branch only.
On the other hand, the agent can (with the agreement of the principal) obtain a bank card in his name, attached to the “shared” account. This offers him the opportunity to withdraw cash from ATMs