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Dimitry K., Esq.
Dimitry K., Esq., Attorney
Category: Employment Law
Satisfied Customers: 41221
Experience:  I provide employment and discrimination law advice in my own practice.
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Can I Close a bank account if I have a POA on it?

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Can I Close a bank account if I have a POA on it?
Thank you for your question.

To answer directly, provided that this POA is on file with the bank, you absolutely can close the bank account. Just please be careful where the funds will go, if the funds will be transferred to you directly, it may create a potential fiduciary duty violation claim or a threat of fraud. But beyond that, transferring funds, opening/closing accounts and so forth are permitted when you have a power of attorney.

Good luck.
Dimitry K., Esq. and 3 other Employment Law Specialists are ready to help you
Customer: replied 4 years ago.
I am the one that issued the POA. The person is withdrawing money as if it is their acct.
Thank you for your follow-up, Durward.

If you do not want that to take place, contact the bank immediately. Inform them, hopefully in writing, that you are revoking and rescinding the POA, and that they are no longer to honor any decisions made by the POA holder. Then consider retaining counsel to pursue the POA for the missing funds as well as potentially pursuing them criminally for fraud and fiduciary breach violations.

Good luck.