Power of Attorney Question

[Secam]

I have power of attorney for my dad's financial affairs. Last month we had no choice but to put him in a full care facility. I went to the bank to transfer some funds from his RIF and have them moved into the joint checking account that he has with my mom. That way she could pay for his new wheel chair and his first few months of care at the home.

When I presented the bank manager with my POA form and my dad's RIF account info, he told me it would have to be reviewed by head office. They called yesterday and said that they cannot release the funds. They would however be willing to pay any bills that my dad may have. The bank's reasoning is that they need to protect my dad's money and have a responsibility to ensure that any funds withdrawn are to his benefit. This includes not releasing money to his spouse or his designated financial POA.

I get the feeling that the bank is sincere in protecting my dad's best interests. They need to watch out for rogue sons, daughters and lawyers who may want to walk into the bank and walk out with all of his investments.

Anyone else had experience with this? I Googled around but the law and the rules seem vague at best. My preference would be to give my Mom access to his RIF money, since it's her money too.

[spazzdla]

Re: Power of Attorney Question

Alas banks rule the world soooo.. they can do what ever the hell they feel like.

[The Grifter]

Re: Power of Attorney Question

You need to have a joint account with your father, be added on. You have the manager meet with your father and yourself to sign the paperwork. I went through something similar a few years ago.

[Bern]

Re: Power of Attorney Question

I had a similar experience before my dad passed away. I believe your bank is overstepping it's bounds. They may have some obligation to your father however only 'allowing you to pay his expenses' is not a reasonable allocation of his assets. Presumably he was contributing to the expenses of the matrimonial home beforehand. I would speak to the banking ombudsman http://www.obsi.ca/ and then if that fails talk to a family law lawyer.

good luck.

[Bern]

Re: Power of Attorney Question

You need to have a joint account with your father, be added on. You have the manager meet with your father and yourself to sign the paperwork. I went through something similar a few years ago.

The joint account could be viewed as Secam's asset. If Secam gets sued, divorced... that account could get tied up. I get that it's a convenient solution but it has implications too.

[mpare]

Re: Power of Attorney Question

The authorities that can be granted under the Substitute Decisions Act, 1992 in a Power of Attorney either with respect to the person or his or her property are very broad. The scope of that authority will be defined by the terms of the instrument itself, having due regard to the statute in question. If it is your feeling that bank officials have unduly limited the scope of your authority with respect to your dad's assets over which the bank has some measure of control, then you should speak to a lawyer. Keep in mind that a bank will reasonably seek to protect itself from potential liability claims. As a result, their interpretation of the scope of your authority under the Power of Attorney and yours may differ markedly. Having a third party lawyer look at the matter may help smooth out those differences.