Bank account and Power of attorney

[james David]

Dear Gurus,

Good day,
If the company initiate a power of attorney to one person in order to open a corporate account.
Will this kind of documents will be accepted by the bank?

Please share your opinion?

 

[Martin Everson]

Banks often have their own POA/LPOA template they want you to use. Wording has to be to the banks liking and to protect them against something going wrong.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[LucyOffshore]

@Martin Everson do you have a sample of such template? I have read about this power of attorney thing but never saw any sample documents of how it should look like or how it should be properly worded.

 

[james David]

Yes Martin, It would be great if you will provide us with template

 

[negon]

Yes OP it will be accepted in order to open a bank account, that's the whole idea with the PoA! However, you won't avoid to provide your personal documents to the bank if it is you that own the company!

 

[Martin Everson]

Each bank will have its own format it wants as I mentioned. You need to contact the bank directly. Samples below:

https://www.fibank.bg/uploads/_Micr...Text_PwrAttorney_BankAccounts_individuals.pdf
https://www.barclays.co.uk/content/dam/documents/personal/miscellaneous/BAR99127789_0316.pdf
http://www.bankofchina.com/au/forms/09 Power of Attorney.pdf

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.