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EQ and POA
June 3, 2017
2:28 am
Loonie
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EQ has just revised its T&C. I don't think the part having to do with POA has changed but here it is:

"We will accept Instructions for the Account directly from the account holder only. We are not obligated to recognize anyone other than the account holder as having any interest in an Account nor are we required to gain permission from another person unless third party access has been expressly authorized by you. However, we may act in accordance with instructions from your legal representative(s) (such as a Power of Attorney or Executor), if such person demonstrates legal authority to act on your behalf.
Third party access allows another person (i.e. your legal representative) to provide us with instructions related to your Account which we will in turn act upon. Third party access is given to clients who need assistance with managing their Accounts, or are physically unable to access their Accounts. In order to allow a third party to access your Account(s), you will need to provide the appropriate authorization."
https://www.eqbank.ca/acctagreement

I commend them for at least putting something in writing.
As they don't offer joint accounts, it's doubly important.
It would be even better if they offered step-by-step how to set this up.

June 3, 2017
1:13 pm
AltaRed
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Think it would be too complicated (number of scenarios) to have a step-by-step checklist. Is it an Enduring POA, General POA, which jurisdiction, etc.?

But FI's could have a FAQ of some basics, e.g. Letter of Direction and what to put in it, copy (true copy or certified copy) of the POA document, copy of ID of the Attorney, etc. There are probably 3-5 basic pieces of paper required by the FI to allow Attorney access to accounts.

June 17, 2017
5:33 am
in2deep97
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This is very interesting. I just finished chatting with EQ and was advised that it was their policy that they do not allow POA's, period.

Similarly they don't allow beneficiaries to be set up on accounts.

Was told that in the event of death, they will require original or notarized copies of the certificate, the will, and two pieces of ID from the executor(s) then about 6 weeks processing time

June 17, 2017
10:48 am
Norman1
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in2deep97 said
Similarly they don't allow beneficiaries to be set up on accounts.

Beneficiaries/successor holders only applies to RRSP and TFSA accounts.

EQ Bank has so far only offered the Savings Plus Account, a regular non-registered account. It is not offered as in an RRSP or TFSA form.

June 17, 2017
10:55 am
AltaRed
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EQ/Equitable Bank cannot refuse a POA that is legal in the province in which the POA is issued. So that is a red herring. It may take some machinations to establish online credentials, or a transfer to Equitable Bank, but they cannot refuse a POA.

But either way, their 'insistence' on obstructionist behaviour is good to know because I now know I'd never open an account there for that reason.... My Attorney has to be able to act on my behalf either formally, or if necessary, nefariously using my own login credentials.

June 17, 2017
9:14 pm
christinad
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I phoned eq bank and heard the same story. We don't accept poas and we never have. I pointed out it was in the user agreement and she couldn't even find the user agreement. I read the section on poas out to her and she still didn't believe me. They are supposed to phone tomorrow so i'll provide an update if they do. I'm afraid i got angry as i am sick of banks saying they don't accept poas.

June 17, 2017
10:50 pm
Loonie
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I'll bet they read letters from lawyers though, and pay heed to them.

I do have an account there but I find their staff snippy and their website often cuts me off before I'm finished. I don't really enjoy the experience and am annoyed that they refuse joint accounts while still actively seeking new clients. I'm only there because of the rate. As soon as something more attractive comes along, I'm gone.

June 18, 2017
7:32 am
Norman1
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christinad said
I phoned eq bank and heard the same story. We don't accept poas and we never have. I pointed out it was in the user agreement and she couldn't even find the user agreement. I read the section on poas out to her and she still didn't believe me. …  

I read the section of the terms & conditions that Loonie quoted. It doesn't say they will accept POA's. The terms allow them to accept POA's perhaps in the future should they decide to do so. But, there's no requirement for them to do so

"Third party access" is described. Perhaps that can be set up in place of a POA?

Account holder access

We will accept Instructions for the Account directly from the account holder only. We are not obligated to recognize anyone other than the account holder as having any interest in an Account nor are we required to gain permission from another person unless third party access has been expressly authorized by you. However, we may act in accordance with instructions from your legal representative(s) (such as a Power of Attorney or Executor), if such person demonstrates legal authority to act on your behalf.

Third party access allows another person (i.e. your legal representative) to provide us with instructions related to your Account which we will in turn act upon. Third party access is given to clients who need assistance with managing their Accounts, or are physically unable to access their Accounts. In order to allow a third party to access your Account(s), you will need to provide the appropriate authorization.

In the event that we are served with a court order which directs us to place a hold on funds in, or to be deposited to, an Account, or which otherwise extends to or deals with such funds or the Account, notwithstanding anything to the contrary contained herein, we will comply.

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