Yes, someone holding a power of attorney may take money out of the principal's bank account, provided the document specifically gives banking powers. Banks typically ask for a registered or notarized POA, check the holder's ID, and may accept it only after internal review. The authority lapses when the principal dies, and withdrawals must benefit the principal. Verify your bank's exact requirements before attempting any transaction. Below, I have shared can power of attorney withdraw money.
What do Banks Check before Allowing Withdrawals?
Specific banking clause: The power of attorney must explicitly mention authority over bank account transactions.
Registered or notarized copy: Banks generally insist on a registered or notarized document before processing any request.
Identity verification: The agent's original ID proof is checked against the details mentioned in the document.
Internal bank approval: Many banks conduct their own review before activating power of attorney access on an account.
Transaction limits: Some banks cap the withdrawal amount or frequency permitted under a power of attorney.
Record maintenance: The agent must keep proper records of every withdrawal made on the principal's behalf.
Automatic termination: All banking authority ends immediately upon the principal's death, regardless of remaining validity on paper.
What Happens if a Power of Attorney Holder Misuses Funds?
Withdrawing funds beyond the granted authority or for personal benefit can expose the agent to civil liability and criminal charges such as breach of trust or misappropriation. The principal or their legal heirs can approach the bank to freeze further access and may pursue court action to recover misused funds. Because banking powers carry real financial risk, drafting the clause carefully and choosing a trustworthy agent matters as much as the registration process itself.
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Can Power of Attorney Withdraw Money?
saumya88
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2026-09-29T20:48:12+00:00 2026-09-29T20:48:13+00:00Comment
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