My ill brother "Fred" asked me to take over his bank accounts and pay his bills until he is well enough to come home from rehab and resume. I did it legal, got DPOA and went to his bank. I was told a sister-in-law (who is an employee at the bank) was on his checking account. My brother did not realize it made her an owner. His savings has her and another brother on it. Thought I had it all cleared with just me and Fred until I went online and saw her name still on account. I called bank manager who tells me that as SIL is a bank "team member" she is the only one who can consent to remove herself from account. I can close account and start over but I wanted to avoid that for Fred. Anyone have similar experience?
DPOA means that the person with the DPOA can make decisions All The Time. It is not limited to just when the other person is ill. See a lawyer if there are any questions about any limits to the DPOA.
We were told by my mom's bank that the only way to take me off the account is to close it and open a new one.
It would be a good idea to see a lawyer that specializes in Elder Law. You can often get a free consulation. It WILL get very messy if you have too many people on her accounts or co-DPOAs.
Keep in mind that any direct deposits and automatic payments will need to be redone, so have a look at some past statements to get an idea of the amount of work involved before recommending it to Fred. Most would be monthly, but watch out for things like home or car insurance, or tax refunds or stimulus payments.
Note that Social Security won’t take the POA since they have their own, payee system.
Also consider new checkbook ordering options. Orders through the bank can be pricey.
Be aware that some banks used to link accounts under the same name to cover overdrafts. Does his?
I'd find a bank SIL isn't affiliated with, too. There are some questionable ethics there.
"until he is well enough to come home from rehab and resume"
Is this a DPOA? Sounds like to me its limited to just while he is in the rehab. I see no reason to see why he needs it since he has the SIL on the account. She can pay the bills.
If brother feels he needs a DPOA, then he needs to change his accounts. Maybe he wants the SIL his beneficiary. Thats OK and you can have the right to pay bills.
If not, you tell the bank manager's supervisor that SIL she misused her position and misrepresented information to the account principle. Mention the team member comment which is a conflict of interest. Then you ask how this can be resolved without you having to contact Department of Insurance & Finanancial Services and the Consumer Financial Protection Bureau.