QUESTION
Can a bank legally cancel a power of attorney?
Asked on Mar 29th, 2011 on Estate Planning - Florida
More details to this question:
My parents are 90 and on hospice and 83 with Alzheimer’s. The bank is now denying my access to their accounts FOR ANY REASON. I found this out when I called the bank this morning to find out why the ATM card was not being accepted last night. The bank told me they would no longer accept me as POA. Can they do this? How can I manage my parent’s affairs if I do not have access to their account?
2 ANSWERS
Sam Louis Levine
First, the law applicable to this situation varies from state to state. However, you need to determine form the bank the exact nature of why your access to the funds has been denied. In general, a power of attorney can be revoked by the person granting the power or an authorized representative on the grantor's behalf. Since your parents most likely lack the capacity to revoke your authority because of their condition, it is probably the latter reason. Good luck.
Answered on Mar 30th, 2011 at 2:21 PM
Trusts and Estates Attorney serving Jacksonville, FL
Partner at
Law Office of David M. Goldman PLLC
3 Awards
It depends on the type of power of attorney. A durable power of attorney cannot be canceled by the bank and you can sue to enforce it.
Answered on Mar 29th, 2011 at 10:15 PM