EQ and POA | Page 2 | EQ Bank | Discussion forum

Please consider registering
guest

sp_LogInOut Log In sp_Registration Register

Register | Lost password?
Advanced Search

— Forum Scope —




— Match —





— Forum Options —





Minimum search word length is 3 characters - maximum search word length is 84 characters

No permission to create posts
sp_Feed Topic RSS sp_TopicIcon
April 8, 2018
12:37 pm
Brimleychen
Member
Members
Forum Posts: 241
Member Since:
September 5, 2013
sp_UserOfflineSmall Offline
April 8, 2018
3:29 pm
christinad
Member
Members
Forum Posts: 163
Member Since:
October 15, 2015
sp_UserOfflineSmall Offline

I'm from BC so not sure how it works here.

April 8, 2018
5:44 pm
Brimleychen
Member
Members
Forum Posts: 241
Member Since:
September 5, 2013
sp_UserOfflineSmall Offline

christinad said
I'm from BC so not sure how it works here.  

Take a look at this link from gov.bc.ca.

April 8, 2018
9:22 pm
christinad
Member
Members
Forum Posts: 163
Member Since:
October 15, 2015
sp_UserOfflineSmall Offline

I already have a poa set up but it looks like eq wants something additional.

May 25, 2018
12:47 pm
robo_advising
Newbie
Members
Forum Posts: 2
Member Since:
May 25, 2018
sp_UserOfflineSmall Offline

My understanding of the POA issue for digital entities (banks) is that the attorney would need to be vetted for ID verification and AML, so it is not as simple as submitting the forms. In respect to the forms the issue is managing the validity of a POA, different requirements for each province, signature requirements based on the year of the POA, and acknowledging that a submitted POA today could be invalid tomorrow.

I have been reading the various posts on POA but have not seen a company referenced that is doing it well. Is there an online bank that has the POA process worked out for both new clients and existing clients?

May 25, 2018
6:58 pm
Loonie
Member
Members
Forum Posts: 5894
Member Since:
October 21, 2013
sp_UserOfflineSmall Offline

What is AML?

May 25, 2018
7:55 pm
AltaRed
Member
Members
Forum Posts: 988
Member Since:
October 27, 2013
sp_UserOfflineSmall Offline

Loonie said
What is AML?  

I will guess Anti-Money Laundering.....

May 26, 2018
11:16 am
Doug
British Columbia, Canada
Member
Members
Forum Posts: 3249
Member Since:
December 12, 2009
sp_UserOnlineSmall Online

This is just updating the legal wording. I suspect, "authorization" could be in writing (i.e., in the form of the appropriate signed and delivered Power of Attorney, POA form, together with the bank's Bond of Indemnity form). I don't think this means they need to speak with the account holder further. 🙂

Cheers,
Doug

May 28, 2018
6:10 pm
robo_advising
Newbie
Members
Forum Posts: 2
Member Since:
May 25, 2018
sp_UserOfflineSmall Offline

I am paraphrasing from another group...

As the person acting under a Power of Attorney is the person conducting the transaction, they would be considered your client and you would verify that person’s identity as such....

To conduct a verification of identity when non face to face you can see the hoops that need to be jumped here:http://www.fintrac.gc.ca/guida.....11-eng.asp

So in short the bank needs to verify your identity but they need to also build a process to identify the poa and verify their identity. I am not surprised if online banks are finding this troublesome and would rather not deal with it. I don’t think it is discrimination but rather not feeling confident that that they can create a process that won’t run a foul with fintrac.

No permission to create posts

Please write your comments in the forum.