What You’ll Learn
- Learn how to set up power of attorney at Salal when you need someone to manage your finances on your behalf.
What is a power of attorney?
A power of attorney is a legal document that authorizes an agent (the “attorney-in-fact,” or AIF) to act on behalf of someone else (the principal). There are four main types of power of attorney (more on these below). Any primary account owner or joint account owner on a consumer account may appoint an AIF to act on their behalf at Salal Credit Union.
Establishing a power of attorney document can give your designated AIF agent legal authority to make financial decisions and transactions on your behalf, from basic banking activities like depositing or cashing checks to filing taxes, refinancing a mortgage, or selling real estate.
How do I get a power of attorney document?
A power of attorney may grant very broad powers over your property, including your bank accounts, we recommend consulting with a legal advisor before establishing a power of attorney. Laws pertaining to powers of attorney vary depending on the state you are in; your legal advisor can guide you through the various issues and statutory requirements.
How do I establish power of attorney at Salal?
The following documents are required to establish power of attorney on your Salal account(s). Having this documentation ready to go will help us efficiently process your request.
Required documents and info:
- Power of attorney document appointing AIF(s) (a copy of this document is acceptable).
- Agent Certification – Validity of Power of Attorney & Agent’s Authority Form (completed and notarized).
- The principal’s Social Security number (SSN) or Taxpayer Identification number (TIN).
- AIF’s valid photo ID (a copy is acceptable for mailed or faxed requests).
A note on getting your AIF form notarized.
Salal offers free notary public services to our members at all branches. Times may vary for the availability of this service, so it’s a good idea to call ahead to confirm that notary services are available before you visit.
What are the four main types of POA accepted at Salal Credit Union?
Durable: The AIF’s granted powers stay in effect if or when the principal (the account holder) becomes disabled or incapacitated.
General or Non-Durable: The AIF’s granted powers end when the principal becomes incapacitated.
Springing: The POA only goes into effect when a specified, triggering event occurs, such as the principal becoming incapacitated (additional documentation may be required).
Special or Limited: Grants specific and limited authority to the AIF.
Other things to consider when establishing power of attorney.
- If the original AIF is unable or unwilling to serve as your power of attorney, Salal will require additional documentation prior to adding or changing the AIF.
- If you choose co-agents, the co-agents must act jointly unless the power of attorney specifically gives authority to the co-agents to act independently.
- If you have specific questions about your authority under the POA and the rights and access it allows, please seek legal advice.
- In Washington state, the power of attorney document must have two witness signatures and/or be notarized acknowledging the principal’s (the account holder) signature.
Note: A power of attorney is only active while the principal is alive and terminates upon death of the principal.
Setting up a power of attorney.
Once you have completed the AIF form and gathered the required documents and information, you have three ways to submit these materials to Salal.
- In person at any Salal branch. Find the branch location nearest you.
- Fax to 206.298.3495 (Include “ATTN: Risk and Compliance” on your cover sheet.)
- Mail to: Salal Credit Union, Attn: Item Processing, PO Box 75029, Seattle, WA 98175-0029
Note: If you are submitting your materials via mail or fax, you will need to get your AIF form notarized ahead of time.
Once we have received your request, your power of attorney documents will be reviewed and processed within seven (7) business days. A Salal representative may contact you to review the information you provided and/or if additional information is required.
If you have any questions, you can send us a secure message in Mobile and Online Banking or give us a call at 800.562.5515.
paragraph copy
