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    7 Critical Deputy and Power of Attorney Issues for Safe Deposit Boxes

    Thursday, August 30, 2018 - 12:00 PM - 1:30 PM ET
    $149.00
    *
    In this 90-minute program, we will cover the various POA issues that should be understood by your institution. Your Safe Deposit personnel will learn about the appropriate procedures to follow when they are presented with a POA, which is a legal form used by persons -- other than the Renter of the Safe Deposit box -- trying to gain entry into a Safe Deposit box.

    When you register for this session, you will receive a complimentary 4-part toolkitthat includes the following items:

    • Power of Attorney New York Statutory Short Form
    • Philadephia Bar Association- Example of Durable Power of Attorney for Banking Transactions & Safe Deposit Box Access.
    • California General Durable Power of Attorney
    • Sample Affidavit That Power of Attorney is in Full Force 

    Do you and your Staff know the answers to the following seven (7) important Safe Deposit issues in this session

    • (1) Can a bank deny access to the holder of a POA?
    • (2) Do You Know the Rules for Accessing a Safe Deposit box of "Small Estate"? 
    • (3) What Should I Do If the Deputy is Unable to Sign His/Her Name?
    • (4) What are the Differences Between a POA and the appointment of a Deputy on a rented Safe Deposit Box? 
    • (5) When Must Standard POA Forms Be Honoured? 
    • (6) Can an Agent Open a Joint Account on Behalf of the Principal?
    • (7) Can a Fiduciary Delegate His/Her Responsibilities to a Third-Party? 

    Overview

    Your understanding of POA issues is of critical importance to your bank or credit union. If your personnel do not comprehend the significance of the difference between an Attorney-in-fact and a Deputy, your institution may be subject to a wide range of costly legal and economical consequences. Misuse of a POA can lead to unauthorized access that can result in bank liability to the Renter for the extent of damage caused by such entry.

    Covered Topics:

    The session will answer the following questions:

    • What is the difference between a Power of Attorney (POA) and the appointment of a Deputy?
    • If the Attorney-in-fact and the Deputy are both appointed by the Safe Deposit Renter, should both appointees be allowed equal access to the Renter's Safe Deposit box? 
    • What are the differences between the three (3) types of POA Forms? What does it mean if your institution is presented with a Durable Generable POA versus a Non-Durable General POA, or a "Springing" General POA? 
    • If presented with a POA, should my institution request a "Full Force" Affidavit?  

     

    The webinar agenda follows:

    POA Fundamentals

    •  POA v. Deputy. Understand the Distinction Between a Power of Attorney (POA) and the Appointment of a Deputy.
    • Purpose of POA Form. Learn the Reasons a POA Form is Used -- This Includes Details About Using a POA for Entry Into a Safe Deposit Box
    • Principal. Who is the Principal? Are There Restrictions on Who Can Become the Principal? What are the Rights of the Principal?
    • Attorney-in-Fact. Learn to Identify the Person Who Was Given Power to Act on Behalf of the Principal.
    • Agent. What are the Duties of the Agent?
    • Termination of Power. When Does the Power of the Attorney-in-fact or Deputy Ends? 

    Types of POA Forms

    •    Durable General POA
    •    Non-Durable General POA
    •    “Springing” General POA

    Important Observations

    •     Revocation. A New POA Voids a Previously Executed POA. 
    •     Life of POA. A Durable POA is in Force Until Death of Principal or Termination.
    •     Two or More Agents. What Actions Are Required if There is More Than One Agent?
    •     Monitors. Discuss the Option to Designate Monitor(s).
    •     “Hold Harmless” Paragraph. Explanation of this Provision and Emphasis of Importance.


    Who Should Attend?

    This session will enable Safe Deposit personnel to become familiar with important aspects of the Power of Attorney. 

    This informative program will benefit:

    • Safe Deposit Supervisors,
    • Vault Attendants (both full time and relief),
    • Auditors,
    • Any Employee Working in the Safe Deposit Area
    • Regulators with an Interest in Safe Deposit Issues

     

    Finally, please note that POA forms differ by state. During this session, a New York State form will be used to understand the key parts of POA. Examples of other states' POA Forms will be provided in the complimentary toolkit. 

    All safe deposit personnel should be familiar with their state's POA form, which may have certain peculiarities.

     

    When you register for this session, you will receive a complimentary 4-part toolkitthat includes the following items:

    • Power of Attorney New York Statutory Short Form
    • Philadephia Bar Association- Example of Durable Power of Attorney for Banking Transactions & Safe Deposit Box Access.
    • California General Durable Power of Attorney
    • Sample Affidavit That Power of Attorney is in Full Force 

    Do you and your Staff know the answers to the following seven (7) important Safe Deposit issues in this session

    • (1) Can a bank deny access to the holder of a POA?
    • (2) Do You Know the Rules for Accessing a Safe Deposit box of "Small Estate"? 
    • (3) What Should I Do If the Deputy is Unable to Sign His/Her Name?
    • (4) What are the Differences Between a POA and the appointment of a Deputy on a rented Safe Deposit Box? 
    • (5) When Must Standard POA Forms Be Honoured? 
    • (6) Can an Agent Open a Joint Account on Behalf of the Principal?
    • (7) Can a Fiduciary Delegate His/Her Responsibilities to a Third-Party? 

    Overview

    Your understanding of POA issues is of critical importance to your bank or credit union. If your personnel do not comprehend the significance of the difference between an Attorney-in-fact and a Deputy, your institution may be subject to a wide range of costly legal and economical consequences. Misuse of a POA can lead to unauthorized access that can result in bank liability to the Renter for the extent of damage caused by such entry.

    Covered Topics:

    The session will answer the following questions:

    • What is the difference between a Power of Attorney (POA) and the appointment of a Deputy?
    • If the Attorney-in-fact and the Deputy are both appointed by the Safe Deposit Renter, should both appointees be allowed equal access to the Renter's Safe Deposit box? 
    • What are the differences between the three (3) types of POA Forms? What does it mean if your institution is presented with a Durable Generable POA versus a Non-Durable General POA, or a "Springing" General POA? 
    • If presented with a POA, should my institution request a "Full Force" Affidavit?  

     

    The webinar agenda follows:

    POA Fundamentals

    •  POA v. Deputy. Understand the Distinction Between a Power of Attorney (POA) and the Appointment of a Deputy.
    • Purpose of POA Form. Learn the Reasons a POA Form is Used -- This Includes Details About Using a POA for Entry Into a Safe Deposit Box
    • Principal. Who is the Principal? Are There Restrictions on Who Can Become the Principal? What are the Rights of the Principal?
    • Attorney-in-Fact. Learn to Identify the Person Who Was Given Power to Act on Behalf of the Principal.
    • Agent. What are the Duties of the Agent?
    • Termination of Power. When Does the Power of the Attorney-in-fact or Deputy Ends? 

    Types of POA Forms

    •    Durable General POA
    •    Non-Durable General POA
    •    “Springing” General POA

    Important Observations

    •     Revocation. A New POA Voids a Previously Executed POA. 
    •     Life of POA. A Durable POA is in Force Until Death of Principal or Termination.
    •     Two or More Agents. What Actions Are Required if There is More Than One Agent?
    •     Monitors. Discuss the Option to Designate Monitor(s).
    •     “Hold Harmless” Paragraph. Explanation of this Provision and Emphasis of Importance.


    Who Should Attend?

    This session will enable Safe Deposit personnel to become familiar with important aspects of the Power of Attorney. 

    This informative program will benefit:

    • Safe Deposit Supervisors,
    • Vault Attendants (both full time and relief),
    • Auditors,
    • Any Employee Working in the Safe Deposit Area
    • Regulators with an Interest in Safe Deposit Issues

     

    Finally, please note that POA forms differ by state. During this session, a New York State form will be used to understand the key parts of POA. Examples of other states' POA Forms will be provided in the complimentary toolkit. 

    All safe deposit personnel should be familiar with their state's POA form, which may have certain peculiarities.

     

    Presenter:

    Paul J. Sanchez

    Paul J. Sanchez, CPA, CBA, CFSA, CGMA conducts a small CPA practice in Port Washington, New York. He is also the owner of Professional Service Associates (PSA), a consulting and professional training and development business servicing corporate clients (auditors, controllers, etc.), CPA firms, professional associations and others. He was an assistant professor at Long Island University - C.W. Post Campus as well as an adjunct lecturer at City University of New York. Prior to starting PSA, he was the Vice President-Professional Development for the Audit Division of a regional bank and Director of Professional Practices and Vice President of a money-center bank, where he directed the professional practice development and training for internal auditors. He also was on the technical staff of the Auditing Standards and Examinations Divisions of the AICPA. He practiced public accounting in the New York office of Deloitte where he also was a firm recruiter and in-house professional development instructor. He was an owner and auditing and accounting seminar leader for the Person/Wolinsky CPA Review Courses, a company that prepared candidates to pass the Uniform CPA Examination. He is a frequent lecturer and seminar leader for accounting, auditing, banking, risk assessment and other professional presentations. He is the author of the textbook, “Accounting Basics for Community Financial Institutions” (Financial Managers Society, 2 nd edition, Chicago, 2009) and the “Ideas an Analysis Letter: The Sanchez Take” (see www.sanchez-psa.com). As a contributing author, his chapter on ‘An Auditor’s Approach to Risk-Based Auditing: What to Audit and When,’ is included in the textbook, “Effective Auditing for Corporates: Key Developments in Practice and Procedures,” (Bloomsbury Information, Ltd, London, 2012).