PNC Stalls to Accept DPOA

The length of time it takes to get a Durable Power of Attorney (DPOA) accepted at a bank seems to only get longer and more frustrating every year. In our work at MemoryBanc helping clients navigate forward when estate plans need to be put into action a large portion of upfront time is explaining that getting recognized as POA takes time.

It sounded so easy when you sat with the lawyer.

Two weeks ago, I took in the power of attorney and the local banker sent it in to the back office. Two full weeks and 10 business days later, they still haven’t responded or recognized me in the banking division. At the same time, I got an affidavit notarized and sent in my POA with that form to PNC Investments, and I was recognized within days. However, AFTER doing that, they say they can’t help because AIG manages his IRA so I now have to file my POA with them.

My client is receiving care services and has limited resources and cash available. I need access to help manage paying overdue bills, preventing a tax lien on his property, and to plot out his care for the next few months.

I hope this serves as a warning to you to consider:

  • Discussing your finances with the individual who will serve as your POA.
  • Give the person who you want to serve as your POA your online usernames and passcodes if you want them to be able to help you in a timely manner.
  • Considering setting up the POA designation with the bank BEFORE you need it.

I have contacted the lawyer who drafted the document to help. In my state there is a statute that was implemented so that banks accept the POA documents. However, it requires lots of work to still get recognized since the “legal” team in another state.

When did it become acceptable to stink at customer service? I say NEVER.

PNC joins a growing list of banks I would never personally use. DISAPPOINTED.

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