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Power of Attorney

What is a Power of Attorney? For more information go to the Government of Canada Are there different types of POA's? For more information go to the Government of Canada What type of POA does B M O accept? B M O has its own POA form. B M O's form authorizes your attorney to manage your affairs with Bank of Montreal and several of its affiliates. We will also accept a non-B M O POA, if it meets the following requirements:
  • it is signed by you
  • it is witnessed and dated
  • it complies with the formal requirements of the location where it was signed (province/territory or foreign jurisdiction)
  • It is the original, a notarized or a certified true copy.
We cannot accept a POA that:
  • would require B M O to monitor the attorney's activity
  • is unclear
  • is from another Financial Institution, because it would not allow the attorney to conduct transactions with B M O.
What do I have to do to set up a Power of Attorney? If you don't have a POA, you can:
  • consult a lawyer, who can prepare a power of attorney for you.
  • access the following government website, which provides information and a form of POA
  • obtain a B M O POA form at a B M O branch. Whether you use a B M O POA form or a government POA form, it is still in your interest to consult a lawyer about your power of attorney.
If you already have a POA, present it to your B M O branch to review. They will tell you if it meets B M O's requirements. If you present your own POA and it meets B M O's requirements, you do not have to sign a B M O POA form. Whichever form of POA you use, the attorney must provide personal identification to B M O when the POA is set up. If a POA or an attorney's instructions required further review, B M O will inform you or your attorney that a review is required and will provide a general timeline for the review. If the review is related to potential financial abuse or other illegal activity, B M O is not required to inform the attorney, and may in fact be prohibited from informing the attorney about the review. Can I cancel the Power of Attorney? You can cancel a power of attorney at any time, as long as you are not mentally incapacitated, but you must tell the bank in writing that you have done so. A POA is automatically cancelled if you die. What if I have a complaint about B M O's response to my Power of Attorney?

Joint Deposit Accounts

What is a joint bank account? A joint bank account is an account in which two or more people have ownership rights over the same account. These rights include the right for all account holders to deposit, withdraw, or deal with the funds in the account, no matter who puts the money into the account. How does a joint bank account work? For more information go to the Government of Canada Why set up a joint account? For more information go to the Government of Canada What is required to open a joint bank account? You and the others that you want to open the account with must come to a B M O branch and provide the required identification. B M O can only open an account in the names of those who are present when the account is opened – additional names can be added at another time. This helps protect the account holders from potential fraud by allowing the bank to verify the personal identification of the joint account holders. How is the signing authority set up for the account? The account holders decide how they want the account to be set up. The account can be set up as:
  • All to sign: the signatures of all account holders are required for any transactions on the account
  • Anyone to sign: any of the account holders are able to sign for transactions on the account. It is important to realize that this option allows the other account holders to do transactions without your consent.
Can I convert my account to a joint account? Yes, we can do that for you. You must be present to do the conversion. The persons being added to the account must be present as well and provide required identification. Risks of a Joint Account For more information go to the Government of Canada