Last Month's Q&A Answered!
Tuesday, June 11, 2013 at 12:22PM by Banking Spectrum The following question appeared in the Q&A section of Banking Spectrum's April 2013 Report Bulletin. Compare your answer to the correct answer provided below.
Q: Our customer has an account with us in New York and an account at another bank in New Jersey. He lives in New Jersey. His agent presented us with a New Jersey POA to withdraw funds from his account with us. Do we have to or should we accept a New Jersey POA?
A: The bank is only required under New York law to accept a statutory short form POA. The law encourages entities to accept out of state POAs but does not require it. If the bank lacks the ability to verify the validity of the New Jersey POA, then it may insist that the New Jersey resident execute a New York statutory short form POA in order for his agent to transact banking business here.
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