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Learning, Sharing, and Teaching => Ask a Mustachian => Topic started by: Allen on October 31, 2014, 03:59:46 PM

Title: How long does a financial institution have to honor Power of Attorney?
Post by: Allen on October 31, 2014, 03:59:46 PM

I have a power of attorney for my mom who has dementia.  I am managing all her finances, and trying to roll over a 401k account with a former employer to Vanguard so I can use it to help pay for her care. 

The company (principal) was sent certified, court registered copies of the power of attorney fifteen business days ago.  They still aren't honoring it yet because the former employer apparently has to approve it also and they haven't yet.

How long do they get to screw around with this?  I kind of need to get it taken care of!!

All the other financial institutions either honored it immediately or within a week of my providing the documentation.

Title: Re: How long does a financial institution have to honor Power of Attorney?
Post by: marty998 on October 31, 2014, 04:13:10 PM

Do you have an ombudsman you can go to?

Front page of your local tabloid newspaper would also work. Nothing like bad press to send the customer service reps scurrying to your feet.

Title: Re: How long does a financial institution have to honor Power of Attorney?
Post by: Allen on October 31, 2014, 04:24:58 PM

I don't want to be adversarial with them, I just want to get my mom's accounts put in order.

Title: Re: How long does a financial institution have to honor Power of Attorney?
Post by: Goldielocks on October 31, 2014, 07:09:23 PM

Hi -- to get my own roll over, it took 3 months from my previous employer.  This could be utterly unrelated to the power of attorney, and more about glacial speed at that company in general, coupled with vacations and new hires to new positions.

Title: Re: How long does a financial institution have to honor Power of Attorney?
Post by: Dicey on October 31, 2014, 11:37:03 PM

Hi Allan, no answers for you, just an acknowledgement of what you're going through. I'm walking in the same shoes, so I know nothing is easy. Sounds like you may want to contact the former employer directly in case it's them and not the bank. Good luck to you!