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Email this9:49 am
April 7, 2017
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They do accept POA although then POA may have to set up an account at Oaken.
10:05 am
December 17, 2016
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Cranston said
"... although then POA may have to set up an account at Oaken."
What ... are they saying the POA 'may' have to open an own account in their own name so they can be a member ... hmmm, wonder what the reasoning for that is? purely informational like that which would be provided in an application to open a new account?
10:37 am
October 15, 2015
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They told me the person would have to meet the requirements to open an account, they didn't say they would actually have to open an account.
10:41 am
April 7, 2017
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They said:
Anyone designated as POA (if they do not have existing non-registered investments with Oaken already) will need to meet the same requirements as new Oaken client (completed application form and proof of deposit individually (i.e. copy of a current bank statement or personal cheque preprinted for $0.01).
I can live with that as long as my POA can.
5:31 pm
October 27, 2013
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Cranston said
They said:
Anyone designated as POA (if they do not have existing non-registered investments with Oaken already) will need to meet the same requirements as new Oaken client (completed application form and proof of deposit individually (i.e. copy of a current bank statement or personal cheque preprinted for $0.01).I can live with that as long as my POA can.
Personally, I think that is bull. Read the legal definition of POA. A legal POA can "operate as the agent for the actual holder of the account". That is what POA means.
Per Investopedia: A power of attorney is a legal document giving one person (called an "agent" or "attorney-in-fact") the power to act for another person (the principal). The agent can have broad legal authority or limited authority to make legal decisions about the principal's property and finance. The power of attorney is frequently used in the event of a principal's illness or disability, or when the principal can't be present to sign necessary legal documents for financial transactions.
8:52 pm
April 6, 2013
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Cranston said
They said:
Anyone designated as POA (if they do not have existing non-registered investments with Oaken already) will need to meet the same requirements as new Oaken client (completed application form and proof of deposit individually (i.e. copy of a current bank statement or personal cheque preprinted for $0.01).I can live with that as long as my POA can.
That's probably to verify the identity of the person claiming to be the attorney appointed by the POA document.
Financial institution needs to make sure the person, who is presenting the POA document (signed by Alice, appointing Bob her attorney), is really Bob.
9:15 pm
April 7, 2017
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Agree. If I recall I had to provide a SIN number and possibly a copy of photo ID. So they would have some secure info about the POA.
Since I have found they have another option......In person at an Oaken store location, we require the above plus two pieces of I.D.
5:30 am
October 21, 2013
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They have no business asking for your SIN number as they are not going to be issuing you any tax receipts. Perhaps they want to check your credit rating. I think they are not supposed to do that without your permission, but I don't know what they really do.
However, it's none of their business WHO was chosen as a POA. There is a presumption that the person signing the POA knew what they were doing, especially if it was done in a lawyer's office. I believe the attorney has to be of legal age. If that is in question, the bank could ask to see evidence of age.
They also need to be able to verify that you really are who you say you are - SIN card will not accomplish this.
Here is some info on legitimate reasons why a POA might not be accepted, from the Canadian Bankers Association, of which they are a member:
https://cba.ca/powers-of-attorney-bank-requirements
It seems to imply that POA will be accepted unless there is a reason not to in a specific case.
In the list of things a person can do if their POA is not accepted by the bank, they fail to mention "take your business to a more user-friendly FI"!
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