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Email this8:57 am
June 4, 2015
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Hi everyone:
Can you open a CT High Interest Savings account for which a a POA applies? My Mom is 95 years old, and I'm trying to open a HISA account with CT, but that also uses a Power of Attorney for my sister and me.
When I try this on the website, I'm asked:
Will this account be used by or on behalf of a third party?
If I answer YES, I get error:
! Accounts cannot be used on behalf of third parties; unfortunately we cannot open an account for you at this time.
But somewhere else here, someone posted that CT HISA accounts are compatible with POAs applying. Which one is it, or do I just have to do everything manually over the phone because the website isn't designed to handle this complication?
CT support is closed since last night. I really don't understand why an online bank doesn't have support Sat. evenings and Sundays.
9:29 am
April 6, 2013
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There are different power of attorney situations:
- Is your Mom opening an account for herself and giving you and your sister power of attorney over the account?
- Are you trying to open an account in your Mom's name using a power of attorney Mom has signed that appoints you and your sister as her attorney?
Some financial institutions will allow for power of attorney situation #1 but not for situation #2.
9:56 am
June 4, 2015
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Ah, I see. It's situation no. 2. I guess I'll call them tomorrow.
I hope there's no wait time.
Thanks.
10:41 am
December 20, 2016
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Brainer said I guess I'll call them tomorrow.
I hope there's no wait time.
My experience is they answer the phone quickly and have knowledgeable people willing to accomodate you.
Let us know how you make out
Stephen
11:32 am
April 6, 2013
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Canadian Tire Bank: Power of Attorneys (POAs) and Joint… has some information about what to expect if they do accept the power of attorney. They will require the original document or a notarized copy of it.
Make sure the agent understands one is asking about situation #2. If one just asks if POA's are allowed, the answer may be "yes". But, the agent may mean "yes" to situation #1 while one thinks the "yes" is to situation #2!
11:48 am
January 12, 2018
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Why not simply open the account online with all your mom's information. Name, address , SIN etc. Totally above board ...she is sitting beside you at the computer and you are simply typing the info into the application for her. If she does not have an email address to link to the account ...get her one at the same ISP you use and monitor it as you would your own. Most ISP allow you usually up to 5 email addresses. I have been doing it this way for years to manage my mother's affairs. I also have POA for my mother (101 yrs old) but did not involve that with the account opening as the bank may ask for certified copy etc. and a visit to your/her lawyer may be required to get the certified copy.
FYI ..she has accounts at Tangerine, EQ, Wealthsimple and CIBC as the anchor account.
11:56 am
June 4, 2015
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Because I don't know if that' legal and if the FI institution finds out, I believe they'll both close the account and put my name on a blacklist.
Hubble said
Why not simply open the account online with all your mom's information. Name, address , SIN etc. Totally above board ...she is sitting beside you at the computer and you are simply typing the info into the application for her. If she does not have an email address to link to the account ...
12:37 pm
September 11, 2013
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Canadian Bankers Assoc has some info about opening bank accounts using POAs:
https://cba.ca/powers-of-attorney-opening-a-bank-account#:~:text=It%20is%20possible%20for%20you,do%20your%20banking%20for%20you.&text=Essentially%2C%20under%20this%20legislation%2C%20financial,will%20be%20using%20the%20account.
2:12 pm
October 27, 2013
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Hubble said
Why not simply open the account online with all your mom's information. Name, address , SIN etc. Totally above board ...she is sitting beside you at the computer and you are simply typing the info into the application for her. If she does not have an email address to link to the account ...get her one at the same ISP you use and monitor it as you would your own. Most ISP allow you usually up to 5 email addresses. I have been doing it this way for years to manage my mother's affairs. I also have POA for my mother (101 yrs old) but did not involve that with the account opening as the bank may ask for certified copy etc. and a visit to your/her lawyer may be required to get the certified copy.
FYI ..she has accounts at Tangerine, EQ, Wealthsimple and CIBC as the anchor account.
I don't think this is legal IF you are currently operating under the POA for her, i.e. she is not of sufficient mind to sit beside you to open accounts, and is not actually making the decisions.
It would be particularly messy if for whatever reason the an account was compromised due to fraud, identity theft, etc. The bank would disavow everything because you had her account and password information. Playing with fire me thinks....
2:14 pm
June 4, 2015
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AltaRed:
That's exactly what I was thinking. Luckily, my Mom is still almost 100% "with it", even at age 95. All the decisions my sister and I make are going to be showed to and explained to my Mom, just to avoid possible conflict.
3:19 pm
February 16, 2013
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Hubble said
Why not simply open the account online with all your mom's information. Name, address , SIN etc. Totally above board ...she is sitting beside you at the computer and you are simply typing the info into the application for her.
Hi Hubble, I did a similar thing with my mother. I opened an account for her on Tangerine and then we went through the process to make it joint with me. I seem to recall that we had to call Tangerine and she had to verbally approve it, after keying in her customer number and PIN (I had to help as her English was poor). She was 100% with it - the big problem was that we had to get her validated at the local post office and she was in a wheelchair 
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