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A power of attorney assigns an “agent” or “attorney-in-fact” to act in the place of another (known as the “principal”) for certain personal affairs. These affairs could relate to managing one’s estate, healthcare, or parental authority, depending on the type of POA executed.
A durable power of attorney allows a person to choose someone else to make financially related decisions on their behalf. The term “durable” refers to the form remaining in effect even if the person delegating the power, the “principal,” is deemed incapacitated.
Durable ($) Power of Attorney – To grant power to bank accounts, real estate, and any other financial-related acts. The powers are durable which means the form remains valid even if the principal should become mentally incompetent.
Discover what a power of attorney is and how to obtain services from Bank of America. Read common questions or schedule an appointment with an associate at a financial center.
Writing, making and endorsing checks, drafts and other instruments in connection with my bank accounts at Bank. Opening new checking, savings, money market, certificates of deposit, IRA’s or other accounts in my name and maintaining same.
Submit a request to authorize someone you trust to manage finances for you or your loved one. Learn about the different power of attorney options you can request. Decide whether a conservator or a guardian best suits your needs. See more financial authority options that may make sense for you.
For more information regarding an agent’s role and responsibilities, please refer to the Consumer Financial Protection Bureau’s guide entitled “Help for agents under a power of attorney,” which is located under the “Power of Attorney” heading at: Help for agents under a power of attorney.
Use our printable Power of Attorney forms to appoint an agent to act on your behalf in personal/financial or medical affairs.
A general power of attorney is a document that can transfer concurrent financial authority to a designated individual. In other words, if somebody wishes to have a representative act on their behalf for matters related to their banking, property, benefits, and so on, they may appoint them using this written instrument.
A general power of attorney (GPOA) form allows a person (principal) to choose and give an agent powers over their financial matters. It is non-durable , which means if the principal becomes mentally incompetent (incapacitated), the power of attorney document is void and unusable.