Finanšu plānošana -
2020 03 17
power of attorney
You may come across a situation in life when you cannot engage in transactions with the bank yourself, so you should authorise somebody to do it for you. Below are summarised the main pieces of advice to help you draft a power of attorney in accordance with the requirements of the bank.
A power of attorney authorises another person to use banking services on behalf of the customer, therefore defining the authorised activities accurately and clearly is key.
The bank will accept only such a power of attorney of a private person, which has been issued by a notary public or an orphan’s court. Conversely, for a legal entity both a power of attorney certified by a notary public for carrying out certain activities, for example, depositing cash into the account or receiving an account statement and a power of attorney form filled and signed in the presence of a bank employee will do.
It should be noted that the bank will allow the authorised person to carry out only the explicitly, clearly and accurately mentioned in the power of attorney, e.g., to handle the money in the current account, transfer the money, enter into an agreement for opening a current account, enter into an agreement for remote use of services, etc.
If the activities mentioned in the power of attorney are defined too generally or ambiguously, the bank will reserve the right not to accept such a power of attorney. Conversely, in case of doubt or contradiction, the bank will interpret the content of the power of attorney narrowly.
The term of validity should preferably be specified in the power of attorney. If no deadline is specified, the bank will consider that the power of attorney is valid until the customer notifies the bank of the withdrawal thereof.
Example of a specific power of attorney - the form of a power of authority of a legal entity
If you cannot come and execute a power of attorney in Latvia, the bank will also accept a power of attorney issued outside Latvia, subject to meeting the following criteria:
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