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How To Get The Power … Of Attorney!

March 29, 2017 Power of attorney (POA) certainly sounds like fancy paperwork jargon that no one has time to learn about. We know. However, as you start getting a little deeper into your finances, you’ll realize how important a POA can be if you end up needing one. To help you skip some steps, we broke the term down for you, especially as it pertains to being a Summit member! Keep reading to add another fun financial term to your wallet (or to show off to friends this weekend). So, power of attorney. What is it?  Simply put, a power of attorney is a person or organization you empower to handle financial matters while you can’t (think: extended travel, illness/injury, etc.). For reference, here are some things a POA can do at Summit:
  • Open and close account(s) in a member’s name
  • Withdraw funds from another member’s account(s)
  • Endorse, write and cash checks on behalf of a member’s account
  • Place and remove items from a member’s safe deposit box
Okay, that sounds important. So, how do I add a POA to my account?
Good question. It’s a pretty simple process!
  1. Ask your Summit branch for a basic power of attorney form, which both you and the POA will need to sign in the company of a Summit employee. Note: if you can’t sign with a Summit employee, no worries. It will just need to be signed by a valid notary.
  2. You can also bring in your own POA document to Summit. We’ll just need to review the pages, specifically all signature pages and appendices. 
  3. The POA document is then reviewed by a POA expert to ensure it’s all good.
  4. Lastly, we’ll need a photo ID of the POA and their social security number to officially add them to your account. And boom, you’re good to go! 
Sounds straightforward! Anything else I should know? Love the thoroughness. For a little more context, here are some FAQ’s we get: Q: Once I empower a POA, can I remove them from my account later? A: Of course! Get us a note in writing or sign the revocation portion of the POA document. Q: Can a POA open a membership for a new member? A: Yes, but only if the POA document gives them the power to do so. A POA expert will look at the document to determine this. Note: We’d still need to officially qualify the new member and POA for membership, including proper ID. Q: Can a POA add a person to an account or add a payable on death beneficiary? A: Possibly. If the POA document is a durable power of attorney, it may state in the document that the POA has those powers. Again, this needs to be reviewed by a POA expert. However, if the basic POA for Summit Credit Union accounts is used, then no. There you go, master money managers! If you think adding a power of attorney to your Summit account is the right move for you, your nearest Summit branch will be ready to help! And don’t forget to come back to the for more money-management tips. You might also be interested in Everyone has money questions. Some people wonder about how they can save more money, while others are facing major life changes, like starting a family or preparing for retirement, and looking for advice. While every situation is unique, there are general rules of thumb you can use to help steer you in the right direction. Here are some basic guidelines on how to approach six common money questions. 1. Can I afford to take on an auto loan right now? Power of attorney (POA) certainly sounds like fancy paperwork jargon that no one has time to learn about. We know. However, as you start getting a little deeper into your finances, you’ll realize how important a POA can be if you end up needing one. To help you skip some steps, we broke the term down for you, especially as it pertains to being a Summit member! Keep reading to add another fun financial term to your wallet (or to show off to friends this weekend). So, power of attorney. What is it? Featured Products Certificates Checking Accounts Home Equity Loans Home Loans Business Banking Certificates Checking Accounts Home Equity Loans Home Loans Business Banking Financial Education Upcoming Events Programs Tools & Calculators On-demand Webinars Podcasts Upcoming Events Programs Tools & Calculators On-demand Webinars Podcasts About Equity in Money™ About Summit Careers News Community Giving Equity in Money™ About Summit Careers News Community Giving Help & Support Contact Us Member Support Center Schedule an Appointment Find a Branch Contact Us Member Support Center Schedule an Appointment Find a Branch Please read the following before proceeding to: The website you are about to visit is solely the responsibility of the merchant or other party providing the site. The content of this third-party site, including materials and information, is solely the responsibility of the provider of the site. The Credit Union is not responsible for any such third-party content. Any transactions that you enter into with a vendor, merchant or other party that you access through this third-party site are solely between you and that vendor, merchant or other party. The Credit Union does not endorse the content contained in this third-party site, nor the organization publishing the site, and hereby disclaims any responsibility for such content. The Credit Union Privacy Policy does not apply to this third-party site, and for further information you should consult the privacy disclosures of the third-party site. NCUA Insurance Estimator Privacy, Security & Accessibility Rates, Fees, Terms & Disclosures Routing Number *  The Wisconsin's #1 Mortgage Lender designation is based on the number of loans in 2022, gathered from the Home Mortgage Disclosure Act data compiled annually by the Consumer Financial Protection Bureau. The results of the data were obtained through the LEI: 254900NTAC4H10MGSU23 **  SBA Lender of the Year Award for Credit Unions as awarded by the Small Business Administration of Wisconsin in 2023. Copyright 2024 © Summit Credit Union. All rights reserved. If you are using a screen reader and are having problems using this website, please call 608-243-5000 for assistance. Insured by NCUA