If you are considering using a Power of Attorney to authorize someone else to operate your account, or if you are considering opening a joint deposit account, please review the following information. The information provided herein is not legal advice, and B2B Bank cannot provide legal advice to its clients. If you would like advice about Powers of Attorney or joint deposit accounts, you should consult a lawyer or other qualified professional.
General information
For general information regarding Powers of Attorney and joint deposit accounts, please see the document titled “What every older Canadian should know about Powers of Attorney (for financial matters and property) and joint bank accounts”. Although this document was created by the Forum of Federal, Provincial and Territorial Ministers Responsible for Seniors, it contains information that all Canadians may find useful.
Minimum requirements for an account to operate under the authority of a Power of Attorney
A client that wishes to give someone else the legal right to act on his/her behalf must provide the following to B2B Bank:
- An original, written request, signed by the client,1 to permit one or more Attorneys (appointed under a Power of Attorney) to operate an account;
- An original Power of Attorney, or a notarized true copy of the Power of Attorney; and
- A Power of Attorney Identification Form.
1Where a client’s signature cannot be verified by comparison with the signature that B2B Bank has on file, B2B Bank may require that a written request from a client be signature guaranteed by a lawyer, notary, or financial institution.
An Attorney (or “mandatary” in Quebec), appointed under a continuing (or enduring) Power of Attorney (or a “mandate in case of incapacity” in Quebec), that wishes to exercise the legal right to act on behalf of a client that is no longer capable of handling his/her own affairs,2 must provide the following to B2B Bank:
- An original, written request, signed by the Attorney (or “mandatary” in Quebec), to operate an account pursuant to a Power of Attorney (or a “mandate in case of incapacity” in Quebec);
- An original, written confirmation, signed by a medical practitioner, that the client is incapable of handling his/her own affairs (or, in Quebec, a homologation of a mandate);
- An original Power of Attorney, or a notarized true copy of the Power of Attorney (or a “mandate in case of incapacity” in Quebec); and
- A Power of Attorney Identification Form.
2Where a client is still capable of handling his/her own affairs, then a request from the Attorney (or “mandatary” in Quebec) will not be accepted, and a client must provide an original, written request, signed by the client, to permit one or more Attorneys (appointed under a Power of Attorney) to operate an account.
If a Power of Attorney, or an Attorney’s instructions, requires further review when presented to B2B Bank, you will be informed that a review is required and of the general timeline for the review.
If you have a complaint concerning B2B Bank’s refusal to act on a Power of Attorney, or Attorney’s instructions, you may express your concerns to us in writing:
By mail:
Problem Resolution Analyst
B2B Bank
199 Bay Street, Suite 600
PO Box 279 STN Commerce Court
Toronto ON M5L 0A2
By fax:
416.865.5930