Joint Account Power Of Attorney

Summary

In Georgia, adding a power of attorney to a joint bank account may be disclosed to the other account holder, depending on the banks policies. Bank policies must comply with state law, and in cases of conflict, state law prevails. Brokerage firms can request personal information even if you present a power of attorney, as part of Know Your Client (KYC) regulations. Presenting your drivers license and power of attorney doesnt inherently infringe on your privacy rights, but sharing personal information is often necessary for verification. If uncomfortable, you can refuse to provide details, but it may impact the firms ability to process your request. Always consult with a local attorney for precise advice.

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In Georgia, if I have a joint bank account with my sister and add my
Hello ****, it seems like your message was cut off. Could you please tell me who you are planning to add to your joint bank account?
A power of attorney. Can the bank tell my sister?
In Georgia, the information shared between a bank and its customer is generally confidential. But, if your sister is a joint account holder, she may potentially learn about the power of attorney. It largely depends on the bank's policies. Always consult with a local attorney for precise advice.
Does bank policy supercede state law?
No, bank policy does not supersede state law. However, banks often have their own policies that are within the bounds of state and federal laws. In cases of conflict between bank policy and state law, the law prevails.
Can a brokerage firm ask for my social security, net worth, income, & education if I present a power of attorney?
Yes, a brokerage firm can ask for your social security number, net worth, income, and education. These are standard Know Your Client (KYC) regulations to:
- Ensure client suitability for investment
- Prevent fraud
- Comply with Anti-Money Laundering laws
It's applicable even if you present a power of attorney.
But I am not the client. I am the client's power of attorney
As a Power of Attorney, you step into the shoes of the client for legal purposes. The brokerage firm may still need this information:
- To verify your authority
- To comply with Know Your Client (KYC) regulations
- To prevent fraud
Always consult with a local attorney for precise advice.
Let me rephrase. I presented my driver's license and the power of attorney on behalf of the principal. By doing that am I giving up my personal right to privacy?
Presenting your driver's license and power of attorney doesn't inherently infringe on your privacy rights. However, you are sharing personal information which might be used to verify your identity or authority. It's often necessary in such legal processes.
This is the firm that also asked for my social security number, income, net worth, mother's maiden name, & education.
Did you provide these details to the firm? If you are uncomfortable providing this information, you have the right to refuse. However, this could potentially impact the firm's ability to process your request as power of attorney. Always consult with a local attorney if you're unsure.