Long Beach, NY asked in Banking and Elder Law for New York

Q: Hi - Does the NY State Statutory Short Form POA expressly allow the agent to open a bank account with beneficiaries?

My bank is declining to do this. I see there is language in the statute that requires language in the modifications section of the POA that expressly provides this permission for already-existing accounts. However, I am opening a brand new account, and I interpret the language in the statute to permit this: "2. To open in the name of the principal or on behalf of the principal a deposit account of *any type* with any banker or in any banking institution selected by the agent"

This is from my interpretation of the statute shown here:


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1 Lawyer Answer
Jack Mevorach
Jack Mevorach
  • Cedarhurst, NY
  • Licensed in New York

A: Very often banks refuse to comply with legal documents that they should honor. A POA is just one of them. Wrongfully, they will insist on a certified copy of a court order, submitted by an attorney.


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