Many people set up a Power of Attorney1 to enable another person to manage their personal and financial affairs in the event of unexpected circumstances such as travel or illness. When doing this, it’s important to seek legal advice to determine what best suits your situation and to help you with the process.
What is a Power of Attorney?
A Power of Attorney (POA) is a legal document in which an individual (‘the principal’) gives authority to someone of their choosing (‘the attorney’) to manage their financial affairs.
Depending on the type of POA, this might be for a limited time, such as when the principal is overseas or temporarily sick, or it might be a longstanding arrangement which continues after the principal has lost the ability to make decisions for themselves.
In either case, it’s important that the attorney can be trusted to act in the best interests of the principal. Choosing the wrong person can leave the principal vulnerable to financial abuse and fraud.
There are two categories of Power of Attorney.
A General Power of Attorney (GPOA) is a legal document which grants an attorney permission to make financial decisions on a principal’s behalf, usually for a limited period of time or for the duration of a specific task. One example might be if the principal needs someone to manage their financial affairs while they’re temporarily out of the country.
A GPOA is only valid while the principal is capable of making their own decisions.
An Enduring Power of Attorney (EPOA) grants similar permissions to a GPOA and is typically prepared by a principal who wishes to ensure their financial affairs are protected in case they lose capacity in the future. Please be aware that an EPOA can only be granted while the principal is capable of making decisions themselves.
Some EPOAs may commence immediately (even if the principal has capacity), and some may commence from the time the principal has lost capacity.
You can lodge a Power of Attorney application in any of our branches. It is preferable for you and your attorney(s) to be there in person together. Check out which documents we’ll require from you.
Once an application is submitted in-branch, our specialist team will assess it and send you a letter with the outcome.
What you will need
To set up a POA on a Great Southern Bank Account, you will need the following documents:
- The original Power of Attorney document or a copy certified by a lawyer, Commissioner for Declarations or Justice of the Peace
- Government photo ID for the principal – e.g., driver’s licence, Australian passport
- Government photo ID for each proposed attorney – e.g., driver’s licence, Australian passport
- A completed copy of Great Southern Bank’s Power of Attorney form
- Medical certificate or tribunal letter if the principal is unable to attend in person
More information
Power of Attorney is a legal arrangement where the nominated attorney(s) has the authority to manage your affairs, including making financial decisions on your behalf where permitted. They can make transactions on all of your accounts, as well as providing us with instructions on your behalf.
By contrast, an account signatory can only make transactions on accounts nominated by you and can be added without a legal arrangement.
When choosing an attorney, it is important to consider the following:
- Your attorney(s) must be at least 18 years old.
- Attorney(s) under the Power of Attorney are legally bound by fiduciary duty to act in your best interests. They must not benefit from your money or assets and must act within the limits and/or conditions placed on their authority.
- It is crucial that the attorney(s) you appoint is someone you trust. This will typically be a close friend, family member, solicitor, or a trustee organisation.
- Choosing the wrong person can leave you vulnerable to financial abuse and fraud. Please refer to our tools & services – unexpected events for further information.
Yes, you can appoint multiple attorneys. You can also nominate how decisions must be made between them – i.e., joint, joint and severally, or by majority.
If the proposed attorney(s) is not an existing Great Southern Bank customer, they will need to become one before we can grant them access to the principal’s accounts.
This can be done by either:
- Attending one of our branches.
- Opening a Great Southern Bank Account online.
Once a Power of Attorney application is processed, you and your attorney(s) will receive a notification letter from Great Southern Bank and will be set up with the appropriate level of access to your account.
When there are multiple attorneys, and the method of operation is joint or by majority, attorneys will be set up with digital banking access only. A Visa Debit card is only allowed in the event of a single attorney, or when your accounts can be operated severally amongst the attorneys.
We understand that in some circumstances a principal customer many not be able to attend a branch in person. In such cases, we will require supporting evidence for their non-attendance. This might be in the form of a medical certificate or a letter from an appropriate tribunal.
Additionally, we may revoke the principal’s banking access and make the attorney(s) responsible for managing the accounts going forward.
A General Power of Attorney specifies when the power comes to an end – e.g., when the principal's period of travel is over or when the principal is discharged from hospital. Please be aware that GPOAs expire automatically if the principal loses capacity to make their own decisions.
Enduring Power of Attorney typically does not have an expiry, and only ceases upon death of the principal.
Provided that you have capacity to make decisions, you can revoke or remove Power of Attorney at any time. Please refer to your state/territory’s guidelines on how to remove your attorney and seek legal advice if necessary.
If you wish to remove the attorney(s) from your Great Southern Bank Accounts, you must notify us.
Provided that you have capacity to make decisions, you can make changes to an existing Power of Attorney. Please refer your state/territory’s guidelines on how to make changes to your POA and seek legal advice if necessary.
If you do not have a Power of Attorney arrangement but still want to grant someone else access to your account, you can consider adding them as a third-party signatory.
Please be aware that an account signatory’s banking access is limited to making transactions on accounts nominated by you. They are not authorised to give us instructions or make changes to your banking profile on your behalf.
Choosing the wrong person can leave you vulnerable to financial abuse and fraud. Please refer to our tools & services – unexpected events for further information.
Rules by state and territory
The rules and regulations around Power of Attorney vary by state and territory. For more information, please click on the appropriate link.
Additional support in times of need
If you’re experiencing financial hardship or challenging circumstances, we can help.
1 Or an “Advanced Personal Plan” in the Northern Territory.