Bank Transaction Power of Attorney
I. Introduction
This Power of Attorney (POA) is made on this 15th day of August 2050, by [Your Name], hereinafter referred to as the "Principal." The Principal, who resides at [Your Company Address], hereby appoints Emma Johnson, residing at 123 Maple Street, Springfield, IL 62701, as the "Agent" or "Attorney-in-Fact."
II. Grant of Authority
The Principal hereby grants the Agent full authority to act on their behalf concerning all banking transactions. This includes, but is not limited to, the following powers:
Accessing and managing all bank accounts held in the Principal’s name, including checking, savings, and investment accounts.
Making deposits, withdrawals, transfers, and payments as deemed necessary.
Requesting and receiving account statements and other related documents.
Signing checks and other financial documents required for banking transactions.
Communicating with bank representatives regarding account details, balances, and transactions.
III. Limitations and Restrictions
The authority granted to the Agent is subject to the following limitations:
The Agent may not sell, transfer, or otherwise dispose of any assets or property held in the Principal’s bank accounts.
The Agent is not authorized to incur any liabilities or debts on behalf of the Principal without explicit written consent from the Principal.
The Agent must act in the best interest of the Principal and maintain accurate records of all transactions performed under this POA.
IV. Effective Date and Duration
This Power of Attorney shall become effective immediately upon execution and shall remain in effect until revoked by the Principal in writing or upon the Principal's death. In the event of the Principal's death, this POA shall automatically terminate.
V. Signatures and Acknowledgments
IN WITNESS WHEREOF, the Principal has executed this Power of Attorney on the day and year first above written.
Principal:
Name: [Your Name]
Date: August 15, 2050
Agent:
Name: Emma Johnson
Date: August 15, 2050
Witness:
Name: Robert Smith
Date: August 15, 2050
Notary Public:
State of Illinois
On this 15th day of August 2050, before me, a Notary Public personally appeared [Your Name] and Emma Johnson, known to me (or proved to me on the basis of satisfactory evidence) to be the persons whose names are subscribed to this instrument, and acknowledged to me that they executed the same for the purposes therein contained.
Witness my hand and official seal.
Name of Notary Public: Patricia Brown
My Commission Expires: August 15, 2055
This document has been prepared in compliance with all legal requirements and is intended to provide clear and comprehensive authority for the designated Agent to manage the Principal’s banking transactions.
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