Execution time: 20 minutes
Consultation while executing: free of charge
Documents for an individual: Passport, TIN, Agreement with a bank having account details for which a power of attorney is given
Documents for a legal entity representative: Protocol and order, (or other credentials of a signatory), Articles of association, extract and seal, Passport and TIN of a signatory, Agreement with a bank having account details for which a power of attorney is given
Please note: An attorney (the one to whom the power of attorney is drawn up) does not have to be present! Only his data is required: full name, registration address, TIN, date of birth, passport details (if necessary).
You may need to open or close a bank account, transfer money from one bank account to another, but for some reason you cannot do this by yourself. So you need to formalise a power of attorney for management of a bank account.
An attorney with such a power of attorney may have a wide range of powers: open a bank account, withdraw money from an account, transfer money from one account to another, transfer open accounts to other banks, initiate the issue of bank cards instead of the lost ones, extend agreements, close an account, etc. List of the powers varies depending on the purpose of a power of attorney itself and degree of your confidence in an attorney.
Therefore, in a power of attorney for management of a bank account you must define what are exactly the powers that you want to transfer to an attorney, and then explicitly state them in the document.
Please note that some banks require an excerpt from the Register of powers of attorney on the registration of the power of attorney to be presented with the power of attorney.
We recommend to notarise several copies of a power of attorney for opening an account right after its original notarisation because an attorney may require them to exercise his/her powers. One copy of a power of attorney for a bank account you must keep for yourself, whereas if you want to cancel this power of attorney, it would be easier for a notary to find it in the Register of powers of attorney and make a record on cancellation.
Such power of attorney includes information on an attorney (full name and registered place of residence; his/her passport details of an attorney and registration number of the taxpayer identification card (formerly called individual taxpayer number) may be additionally indicated). Therefore, you need to provide a notary with such information in order to notarise such power of attorney..
A power of attorney may be used to grant powers to either one or several specific persons at the same time, who will be entitled to act jointly and independently from each other.
