How do I cancel a power of attorney used at the bank? | Ask Banky

Editor-in-Chief Mohamed Salah

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Editor-in-Chief Mohamed Salah

How do I cancel a power of attorney used at the bank?

Asked by Banky team 2 months ago
Banky team Reviewed editorial answer

Legally revoking a power of attorney is not enough to simply leave the bank without notification.

Steps

  1. After revoking or terminating the power of attorney with the competent authority, immediately notify the bank where the power was being used, provide them with the official document proving the revocation, and request an update of the account permissions.

  2. Obtain proof of the bank's receipt of the notification and inquire whether there are any outstanding instructions or orders issued before the revocation that require separate processing.

  3. The goal is for the bank to officially know that the agent is no longer authorized to conduct transactions.

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