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Joint Deposit Accounts and Powers of Attorney Information
To maintain the strong level and ongoing commitment to protect our clients, ICICI Bank Canada is pleased to provide the following information about Powers of Attorney and Joint Deposit Accounts. These may be used if you wish to give someone else authority to do banking for you.
This information provided about Powers of Attorney applies to individuals who wish to add a Power of Attorney on their account(s), to open a new Joint Deposit Account or to convert a sole-ownership account to a Joint Deposit Account.
Please note that ICICI Bank Canada and its employees cannot and do not undertake to provide legal or estate planning advice regarding a Power of Attorney or Joint Deposit Account to you. If you require assistance in determining whether a Power of Attorney or a Joint Deposit Account would suit your needs, please speak to a legal professional for advice and guidance.
This section does not apply to business clients or commercial accounts. A link to the Canadian Bankers Association website containing details about the Commitment on Powers of Attorney and Joint Deposit Accounts can be found at the bottom of this page.
What is a Joint Deposit Account?
A Joint Deposit Account is a bank account owned by two or more people. Each account holder can make withdrawals, deposits, payments and other transactions on the account without having to obtain consent from the other account holder(s).
As a joint account holder, you share not only equal access rights and ownership to the account but also share the responsibility for all transactions made on the account. Consent of the other joint account holder(s) is not required.
Unless you tell ICICI Bank Canada in writing that all the account holders must give instructions together, any of the account holders have the ability to close the Joint Deposit Account.
What is a Power of Attorney?
A Power of Attorney is a legal document that allows you to authorize one or more people (or a company) to act on your behalf to deal with or dispose of your property. The person giving the power is granting the person receiving the power to act as the “Attorney”. The rules governing Powers of Attorney vary from one province to another and it is recommended that you speak to a legal professional for information with respect to the law applicable in your province of residence.
Obtaining a Power of Attorney
ICICI Bank Canada does not have Power of Attorney forms available for the purpose of operating account(s) held at ICICI Bank Canada. ICICI Bank Canada provides you with the option to present a Power of Attorney from other sources including but not limited to Power of Attorney prepared by legal professionals.
Operating the Account with a Power of Attorney
In order for your Attorney to access your account(s), ICICI Bank Canada is required to collect satisfactory identification and information produced by you and your Attorney. This is necessary to confirm your identity and also to meet anti-money-laundering and other regulatory requirements. Depending on your provincial jurisdiction and/or particular situation, other documents may be required.
The original or a certified true copy of the Power of Attorney will need to be presented to ICICI Bank Canada.
Reviewing a Power of Attorney or Instructions Received from the Attorney
If your Power of Attorney or Attorney’s instructions require further review when presented to ICICI Bank Canada, we will provide you and/or your Attorney with a general timeline for ICICI Bank Canada to conduct the review. In circumstances where the reviews may require more time than initially estimated, ICICI Bank Canada will keep you informed and provide a revised timeline.
If ICICI Bank Canada refuses to act on an Attorney’s instructions or to accept the Power of Attorney, then you will be advised of the options available to assist with the resolution of the dispute resolution process to assist you or your Attorney to escalate and resolve the concern.
Changing or Revoking a Power of Attorney
A Power of Attorney may be changed or cancelled at any time, in accordance with applicable requirements in your province of residence. If you change an existing Power of Attorney, please advise ICICI Bank Canada at your earliest convenience.
You can also find additional information about Powers of Attorney and Joint Deposit Accounts, including the risks and advantages of each option, on the links to the Federal/Provincial/Territorial Ministers Responsible for Seniors Forum’s website https://www.canada.ca/en/employment-social-development/corporate/seniors/forum/power-attorney-financial.html or the Canadian Bankers Association website http://www.cba.ca/contents/files/misc/vol-poa-joint-account-en.pdf.