A power of attorney is a convenient way to delegate authority to manage deposits, up to withdrawing money from accounts. But how to use the power of attorney correctly?
A power of attorney is a written permission that one person gives to another to represent him to third parties. A power of attorney to carry out debit transactions on bank deposits is drawn up both directly through a financial institution and outside it - with the help of a notary or other authorities.
If a person is in special conditions, where he is unable to go to the bank's office or to a notary to issue a power of attorney, the document is certified in this way:
- servicemen who are in military medical institutions, certify a power of attorney from the head of this institution or his deputy;
- servicemen at the point of deployment of troops certify powers of attorney through the unit commander;
- prisoners receive a certification of their power of attorney from the warden.
Any of these methods equates a document to a notarized one.
Any power of attorney has a validity period, and the document for operations on bank deposits is considered valid for three years. It must be remembered that if the date of issue (in words) is not indicated on the power of attorney, the document will be considered invalid, and it will not be possible to withdraw money from the deposit.
And one more important point: if the expiration date is not indicated on the power of attorney, then it will be considered valid only one year from the date of issue.
In addition, the power of attorney must contain:
- The exact listing of the data of the authorized person (his name, registration address, passport details, etc.), and if there is at least one mistake in the information, then the funds will be refused.
- An exact list of those banking operations to which the power of attorney applies. This is necessary because if an operation is not specified, the trustee will not be able to use it. For example, such a list may include closing a deposit, but not withdrawing money from it. And in this case, the authorized person will not be able to receive the money - in any case, they will remain in the bank account, even if it is closed.
- The signature of the authorized person is completely identical to that in his passport. The slightest deviation can lead to the fact that it will not be possible to use the power of attorney.
If the power of attorney was drawn up for a deposit for a foreigner and is drawn up in a foreign language, a notarized translation must be attached to it. The original document and the translation, when submitted to the bank, must be stitched together, and at the place of binding, the seal and signature of a notary, which will be certified by the signature of the translator, are required.
And in order to receive funds from a deposit by letter of attorney, the following documents will need to be submitted to the bank branch:
- passbook, if it was issued when creating a deposit;
- a deposit agreement, if the savings book was not drawn up;
- authorized person's passport;
- the original power of attorney for the disposal of the deposit (in the event that this document is not kept in the bank itself), or its notarized copy.
If everything is in order with the documents, the bank employees will issue money by power of attorney without any problems. However, if the main owner of the deposit dies or is declared incapacitated, the power of attorney automatically loses its force and it is impossible to receive money.
It will be possible to receive money from such a contribution through a testamentary disposition, or a document confirming that the heirs have entered into inheritance rights. Although if the bank did not know about the death of the main owner of the deposit, then the money can be given out by power of attorney, and this will be considered legal.
In addition, you cannot receive money by power of attorney in the following cases:
- if the person who issued the document canceled it (however, in this case, he is obliged to notify both the bank and the authorized person);
- if the person in whose name the power of attorney was issued has refused it;
- if the legal entity (firm) that issued and certified the power of attorney has ceased to exist;
- if the legal entity to which the power of attorney was issued no longer functions;
- if the person in whose name the document was drawn up died, or was declared incapacitated, partially incapacitated or missing.
And if the power of attorney was terminated, then the person to whom it was issued or his successors are obliged to return the document to the person who issued it as soon as possible.
