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Email this11:38 am
April 7, 2017
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Outlook Financial does not offer/recognize Power of Attorney.
Bye bye to Outlook.
11:46 am
December 17, 2016
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"Outlook Financial offers personal accounts only. Outlook does not offer business, Power of Attorney, or Trust (formal and informal) accounts."
I'm reading POAs can't set up NEW accounts.
Drilling deeper on their website
Who can vote?
Individual Members
[...]
If you are the Power of Attorney for a member, you can cast a ballot on their behalf, in their name.
11:59 am
April 7, 2017
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I have quoted the email rec'd this week. I would assume those, that answer emails are up to date on policy and should realize the importance of answering this question accurately. I have been plaqued by error after error with these folks and am 90% phased out anyways. But since they have made a lot of improvements I thought I would ask as I could "change my mind" due to all the others that are replying with no support of POA.
12:05 pm
December 17, 2016
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Again, I'm certain that it ONLY pertains to opening new accounts . see this link -
https://www.outlookfinancial.com/membership-application-form
12:36 pm
April 7, 2017
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I would read that as a Power of Attorney cannot open a new account in the name of the person that the Power of Attorney is for.
I was clear in stating my province and that we HAVE accounts with them.
And their reply is as above and it says they do not recognize power of attorney.
If you deal with them ..... send them an email. It wouldn't hurt to see if there is some consistency in response.
Also they are only shooting themselves in the foot by not complying as you never know age wise, health wise, or an unexpected incident wise when you may need a POA to help you out.
Casting a vote by a POA is a petty offering and if they accept POA for one thing it should be all or none. Also there is no doubt the rules for Outlook may not be the same as Assiniboine's.
I will make sure from now on, any responses here will be the "full" reply from the institution.
1:33 pm
December 17, 2016
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Look, if Outlook doesn't acknowledge and give the legally authorized POA full access to the account(s) of the individual they are representing WHAT the hell would be the point of acknowledging the legally authorized POA and allow them to ONLY cast a vote ... makes NO sense.
NOW ... I'm curious how you worded your POA question to Outlook.
1:49 pm
December 17, 2016
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My sincere apologies to the OP.
In an extended conversation with Outlook, which required them to call me back, Outlook will NOT let the POA manage any deposit accounts at Outlook.
The POA would need to submit a certified copy of the POA document along with explicit written instructions to the close the account(s) and where/how the POA would like Outlook to forward the proceeds. The process would take a few days given you have to mail in your request, Outlook would have to collapse the account(s), and then mail you a cheque OR do a transfer to another institution.
FRANKLY, I am taken aback by this lack of service to it's clients.
Truthfully though, this would not be a problem if the POA was permanently invoked i.e. for the long-term (just pull the money, and move on. I say this guardedly given the number of CUs that won't allow POAs to set up new accounts) HOWEVER, it would be an incredible pain in the arse for short-term periods AND if this was the only account the individual had.
7:18 pm
April 7, 2017
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So my question to Implicity was....
Thanks for the verification (of not accepting POA but you are covered on a joint account). Since you offer TFSA, RRIF and RRSP that are registered and cannot be joint I have to change direction in regards to moving RRSP and TFSA funds due to your no POA policy. I would not want to see my investments in limbo. I find it odd that all virtual CDIC insured financial institutions do offer POA (that I contacted). And would appreciate to hear how you would handle a registered account held by some one that had some type of disability that prevented them from communicating in your desired method.
My next question would have been.....since you don't deal with POA does this mean you won't deal with an executor?
This was all based on NOT offering POA as they are not a face to face institution.
Final result was after further looking to for me...they do accept POA.
Even though we live in BC both my wife and I do know our way around Winnipeg and the surrounding area and we would have no problem jumping on a plane for some face to face discussion.
So keep in mind OF has made mistakes with me 60% of the time. All fixed but a PITA. So they are toast and have been phased out by 90%.
I would push them and/or quess the CEO email address and ask he/she the same. When you guess an email address load them all up in your send to "bcc" address field.
Ps. Are you talking about a one time for a specified time period POA or an enduring POA???
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