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Are you looking to have someone manage your accounts in the scenario where you become unwell or decide to go on an extended trip? Find all the information you need to give someone authority to your accounts and how you can start that process.
What is a Power of Attorney?
A Power of Attorney is a legal document made by a person who allows someone to manage their legal and/or financial matters. The attorney can be a trusted family member, close friend, or a solicitor. The attorney may be able to:
An attorney may have very broad powers or have limited scope that’s associated with a specific event. For example, the attorney could attend to the sale of a person’s property if they’re overseas.
When drawing up a Power of Attorney, the person must have the mental capacity to make someone an attorney to act on their behalf regarding their legal and financial matters.
What are the ways someone can act on your behalf?
General Power of Attorney
A General Power of Attorney (POA) can manage a person’s legal and financial matters. However, this is not effective once a person loses capacity. Capacity is in reference to a person’s mental capabilities. Generally, a person has decision-making capacity if they can understand the nature and consequences of a decision. If they lose capacity, they may:
Enduring Power of Attorney
An Enduring Power of Attorney (EPOA) can manage a person’s legal and financial matters, as well as be able to continue their obligations, even if a person loses capacity. An EPOA will only cease if the person revokes the agreement by providing verbal or written instructions to Qudos Bank or if they become deceased.
Financial Management Order
A Financial Management Order (FMO) is an order made by a Court or a tribunal to appoint someone if a person loses the ability to make financial decisions.
How can I allow someone access to my accounts?
If you have a POA or FMO, you need to supply an original or certified copy of the agreement. As well as the original or certified copy of ID documents of the attorney. You’ll also need to supply us with a completed POA application form.
You can either visit your nearest branch or send through the required documents and forms via post to our Sales & Service Department’s postal address. The review process takes 5 working days.
Frequently Asked Questions
You can’t email the identity and certified copies of the POA or FMO. We’ll need paper-based documents to review them, so you either need to send them via post or visit one of our local branches.
If you’re an authorised person that is acting on behalf of a customer with respect to banking transactions, you’ll have the ability to manage the person’s account. You’ll be able to make transactions and transfers if you’ve supplied us with the required documentation to verify your identity (and the POA document allows for this).
You’ll be able to make transactions and transfers if you’re a POA (with banking authority). You can make cash withdrawals from a branch of up to $1,000 per day . Depending on the scope listed in the legal document, you may have capacity to do more.
Please note that Qudos Bank may decide not to approve your request if you’re unable to verify specific reasons if you need to withdraw more than $1,000 from another person’s account.
Online banking access may also be available (up to the standard limits) depending on the scope of the POA.
