A Competitive Banking Experience

While setting up joint accounts and a personal Power of Attorney to help with an elderly relative's banking, we experienced the thrill of competition (said with a hint of sarcasm). We had previously created a formal Power of Attorney with a lawyer, but none of the banks would use this directly.

Each of the three banks required separate forms to create their own Power of Attorney documents based on our Power of Attorney, and then to attach their Power of Attorney to the various bank accounts.

Each of the three banks required original in-person signing and identification. This was a big nuisance for one out-of-town relative who was to be named on the accounts. Each of the three banks asked the same information over again. Each had their own processes for how to make this happen. Each had their own computer systems and software to enter in the same data.

All in all, it took us numerous meetings and a lot of research over several months to make this all happen. Perhaps some cooperation amongst the banks and the lawyers could allow this to be done once, with a much simpler process for us, the customers. The competition and silo mentality sure didn't make for a pleasant legal experience for us and required a lot of work by staff at each of the banks.

The banks could dramatically improve service to the customer, and all reduce their own costs as well, by collaborating a little more.