Bank power of attorney – what can an authorized representative do at the bank?

Short answer: A bank power of attorney gives another person the right to perform the banking tasks that the power of attorney explicitly covers. Banks may have their own forms and procedures, so a general power of attorney is not always accepted for all types of banking matters.

What can the power of attorney cover?

• payment of bills
• transfers between accounts
• account information
• deposits and withdrawals
• management of securities or funds, if the bank approves it
• other specifically stated banking matters

The bank may require its own form

Banks often have their own power of attorney forms and identification requirements. Swedbank, for example, states that the general rule is that the bank power of attorney must be in writing and submitted in its original form in accordance with the bank's procedures. SEB similarly describes that the grantor of the power of attorney decides for themselves which banking authorities are to be included.

Limit the power of attorney

A bank power of attorney should not be broader than necessary. Specify which accounts or types of matters are covered and whether the power of attorney should have an end date.

BankID and personal security solutions

The power of attorney does not normally mean that the agent is allowed to use the grantor's personal BankID, bank card reader, card, or codes. Such security solutions are personal and must not be shared.

Difference from an enduring power of attorney

A regular bank power of attorney is valid according to its terms while the grantor is still able to handle their own affairs. An enduring power of attorney is intended for a future situation where the person, due to illness or similar, can no longer take care of the matters the power of attorney covers.

Revocation

The grantor can revoke the power of attorney. The bank should be notified and any original documents or registered authorities handled in accordance with the bank's procedures.

See the Template Store's template for a power of attorney for daily banking matters.

FAQ

Do all banks accept the same power of attorney?

No. Always check the bank's own requirements before using the power of attorney.

Is the agent allowed to use my BankID?

No, personal security solutions must not be shared with the agent.

How long is the power of attorney valid?

It depends on what is stated in the document. An end date can be specified, and the power of attorney can also be revoked.

This article provides general information and does not replace the bank's own terms and conditions or legal advice.