Why Not Just Use the Power of Attorney at the Bank?

By Attorney SusAnne Lee Jenkins

Should you just fill out the power of attorney at the bank at call it good? No.

The main problem with that is you usually have to take your agent into the bank with you, but worse, often the only choice is an IMMEDIATE AND FULL POWER.  Now, if that is what you want, say to sign checks while you are away on vacation or in case you become sick, then using the Power of Attorney has the benefit over listing the person as a Joint Tenant, in that at least the creditors of the Joint Tenant cannot take your money.

However, the power of attorney at the bank probably only covers the bank accounts and in case you need to deal with other financial matters, then a durable statutory power of attorney is better.  Why not just go down to the office supply store?  Well, they usually are not California specific, might not meet all the legal requirements to be a Statutory Durable Power of Attorney  and usually cost more than the one from Ventura Press.

If your power of attorney is a Uniform Statutory Form Power of Attorney, institutions such as banks MUST honor it and cannot require you to use their forms.  Although they often will try to make you use their forms, if you do not know your rights.  In California, if your financial power of attorney meets the requirements of a durable statutory power of attorney, the bank or savings and loan must honor it when your agent presents it.