Proactive Fund Access: Planning for Future Financial Ease 

As individuals age, some may find themselves confined to their homes, making it challenging to attend appointments, go shopping, or visit the bank. Anticipating these limitations and proactively arranging for access to your funds without the need for in-person bank visits is advantageous. Understanding the bank’s prerequisites in advance helps prevent delays in accessing your funds.

Cognitive Changes

Patients undergoing cognitive changes may find it necessary to designate someone else to manage their medical and financial affairs. This could involve appointing a trusted individual to handle decision-making processes, ensuring that the patient’s healthcare and financial matters are properly addressed during periods of cognitive impairment.

Letter of Competency

Financial institutions may consider accepting a competency letter from the patient’s doctor, facilitating the authorization of a designated individual to access the patient’s accounts. This letter, affirming their inability to make financial decisions, can streamline the process of granting someone else access to their accounts. It’s advisable to check with your specific bank for their policies and any additional requirements related to accepting such documentation.

Fiduciary & Case Management  

Enlisting the services of a fiduciary or case management company can prove highly advantageous in certain situations. These professionals not only ensure the timely payment of bills but also adeptly manage your accounts, alleviating the stress associated with these responsibilities.

Can’t Make it to The Bank?

There are several ways you can grant someone access to your bank accounts without making a trip to the bank. Keep in mind that sharing access to your financial accounts should be done cautiously, and you should only provide access to individuals you trust implicitly. Here are some options:

  • Online Banking Authorization:
    • Many banks offer online banking services that allow you to grant someone else access to your accounts. This usually involves setting up a joint account or adding an authorized user to your existing account.
    • Log in to your online banking account and check for options like “Manage Account” or “Authorize Users.” Follow the instructions provided by your bank to add the person you want to grant access to.
  • Power of Attorney (POA):
    • A Power of Attorney is a legal document that authorizes someone else to act on your behalf. You can grant specific or broad powers, including access to your bank accounts.
    • Consult with a legal professional to draft a Power of Attorney document. Some banks may have specific forms or requirements for accepting a Power of Attorney, so be sure to check with your bank.
  • Joint Account:
    • You can open a joint bank account with the person you want to grant access to. This allows both of you to have equal access and control over the account.
    • Keep in mind that a joint account means both account holders have full control and ownership of the funds. It’s crucial to trust the person you’re adding to the account.
  • Authorized Signatory:
    • Some banks allow you to add an authorized signatory to your account. This person can conduct transactions on your behalf.
    • Contact your bank’s customer service or visit their website to inquire about adding an authorized signatory.
  • Mobile Banking and Apps:
    • Many banks have mobile apps that allow you to manage your accounts, including granting limited access to others. Check if your bank’s mobile app has features for authorizing someone else to access your accounts.

Remember to carefully review the terms and conditions, as well as any potential fees associated with granting access or adding users to your accounts. Additionally, it’s advisable to consult with your bank directly for the most accurate and up-to-date information tailored to your specific situation and needs.

"I believe deeply in our model of care. Everyone deserves to be empowered, listened to, and supported in their healthcare journey." - Brittany Wagner, Practice Manager

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