Banks responsibility as to POA

[taxcurious]

What is the name of your state?CO

My sister and I both signed a POA on my mother's bank accounts fall of 2003 after Mom had a small stroke. We both live out of town from Mom and Mom's bank. Mom recently closed out all of her accounts including her IRA and brokerage account with the bank. She was charged significant back-end sales charges. Neither the bank nor Mom notified my sister or me of the impending transfer. Do we have any recourse against the bank for allowing her to close her accounts without notifying us as POAs? She and her bank are in Kentucky.

 

[BlondiePB]

The bank did not have to notify either of you about this. Sorry, you have no recourse.

 

[Dandy Don]

Why would you even be concerned about the bank notifying you? It was her money to do with as she pleased.

 

[BelizeBreeze]

Do we have any recourse against the bank for allowing her to close her accounts without notifying us as POAs?

Simply put, No, you have no rights to anything. The POA simply gives you the authority to act 'in place of' the issuer of the POA.

 

[taxcurious]

Thank you all. My concern is that she does not understand these types of accounts and had no idea she was being charged a back-end sales charge. She is 80. She will never make that money back. Banks should be cognizant that their elderly customers may not be fully aware of what is going on in the financial world.