Account access, power of attorney & other authorities

What you need to know about giving someone access to your accounts or becoming authorised to manage someone else’s banking on their behalf.

Authorities explained

What are authorities?

• Physical or mental Illness
• Cognitive impairment or disability
• Extended travel

Keep in mind that authorising access to your money and financial affairs increases your exposure to the risk of financial abuse and fraud. For more on financial abuse and the signs to look out for, as well as who to contact if you feel you’ve been a victim of financial abuse, please see the guides found in Tools & Support.

It’s important that you only give authority to someone you trust and who will look out for your best interests. You can view the authorities you’ve given over your accounts at any time in NetBank by selecting Settings > Account authorities. You can also remove account access from your third-party authorities at any time in NetBank.

Your options

1. Third-party authority – gives another person access to your nominated bank accounts. This is set up by the account holder in branch.
2. General power of attorney (non-enduring) – allows someone to make legally binding and financial decisions on your behalf. This can be for a period of time or a particular purpose. We suggest you seek advice before entering into this type of authority.
3. Enduring power of attorney – similar to a general power of attorney but can come into effect or continue if you lose capacity to make your own decisions. We suggest you seek advice before entering into this type of authority.
4. Financial management order (also known as an administration order) – generally appointed by a tribunal when a person is unable to make their own decisions.

Access to your accounts – Third-party authority

A third-party authority gives another person or persons access to one or more of your bank accounts. It’s arranged directly by visiting a CommBank branch and allows the authorised person(s) to transact on your nominated bank accounts.

You can only authorise access to your accounts if you fully understand the nature and implication of the authority you’re giving.

• You may choose to authorise permanent access.
• You may cancel the authority at any time by advising CommBank.
• The authorised person will have access to pay bills or transfer money from authorised bank accounts, but not lending products such as a home loan or credit cards.
• The authorised person won’t have authority to open new accounts or credit cards.
• The authority will be cancelled if CommBank is notified that you can no longer manage your financial affairs.

When to consider a third-party authority

A third-party authority can be given to allow someone you trust to manage day-to-day banking transactions on your behalf such as:

• A financial advisor or accountant making financial transactions or investments on your behalf.
• A partner or family member paying your bills or looking after everyday banking.
• If you’re living overseas or travelling for an extended period.
• If you’re in hospital and unable to regularly access your banking.

Keep in mind

There are some limitations and risks to consider when giving someone access to your accounts:

• You’re giving someone the ability to withdraw all or some of your money, increasing your risk of financial abuse
• If a financial management order is issued this cancels any third-party authority previously authorised by the account holder.

How do I lodge a third-party authority?

To give a third-party authority access to your account, you’ll need to:

• Visit a branch together with the person or people you'd like to provide authority to, and
• Complete the Authority to Operate – Third Party form (.pdf). Alternatively, we can help you complete this in branch.

What to bring into branch with you

• Your proof of identity (e.g, driver’s licence or passport)
• Proof of identity (e.g, driver’s licence or passport) from each person you're providing account access to
• An original, completed Authority to Operate – Third Party form (.pdf). We can help you complete this form in branch.

Power of attorney

A power of attorney is a formal document where a person, known as the principal or donor, gives the legal authority to someone to look after their financial affairs. This authority ceases should the principal pass away.

You can only appoint an attorney if you fully understand what you’re getting into and are capable of making your own decisions.

There are 2 types of power of attorney:

• General power of attorney (non-enduring)
• Enduring power of attorney

General power of attorney (non-enduring)

A general power of attorney allows you to appoint one or more people (attorneys) to make legally binding and financial decisions on your behalf.

The authority will be revoked if you're no longer capable to make decisions, or you're no longer legally capable to manage your financial affairs.

When to consider a general power of attorney

A general power of attorney may be useful if you wish to put in place a temporary formal arrangement, for a specific purpose such as:

• Appointing someone to buy or sell real estate or trade shares.
• While you’re away for a period, e.g, holiday or career break.

Enduring power of attorney

An enduring power of attorney allows you to appoint one or more people (attorneys) to make legally binding and financial decisions on your behalf. Your appointed attorney(s) can continue making financial decisions if you're no longer capable to make decisions, or you’re no longer legally capable to manage your financial affairs.

You can elect for an enduring power of attorney to only come into effect or begin after you lose decision-making capacity and you become legally incapable of making your own decisions.

When to consider an enduring power of attorney

An enduring power of attorney should be used to put a lasting formal arrangement in place, including:

• Planning for future incapacitation due to illness or injury
• In anticipation of losing the ability to manage your financial affairs.

If you don’t have an enduring power of attorney in place and you lose capacity to make and communicate decisions for yourself, the chance to appoint someone yourself no longer exists and a financial management order will be required.

Keep in mind

There are some limitations and risks to consider with powers of attorney:

• As the account holder, you'll continue to be able to access and transact on your own accounts, so long as you have the decision-making and legal capacity to do so.
• A general power of attorney is only effective while you're able to make and communicate decisions for yourself.
• If a financial management order is issued, this voids and cancels any general or enduring power of attorney held.

How do I lodge a power of attorney?

You can lodge a power of attorney in branch. The establishment process will be easier if the principal (account holder) attends the branch together with the attorney/s (person/s who are to gain access to the principal’s account/s). We can only provide account access to an attorney who has visited a CommBank branch and has been identified. We realise there may be situations where the principal is unable to attend a branch, and in such cases, we may require additional paperwork based on individual circumstances.

What to bring into branch with you

• The original or a certified copy of the power of attorney document.
• Proof of identity (e.g, driver's licence or passport) from the principal and each attorney.
  

Inform the bank of any changes

• Your attorney will be required to inform us of any changes inwith respect to your capacity.
• If you (the principal) lose capacity to make financial decisions, your attorney will need to provide us with written evidence of this from a medical practitioner evidencing loss of capacity. Until your attorney provides us with such evidence, you will retain all account access, and will be able to revoke and cancel a power of attorney.
• If your Power of Attorney is revoked or superseded, you must tell us.

Your responsibilities as an attorney

Being an attorney comes with significant responsibilities. In this role, you must always act in the best interest of the principal and avoid conflicts between the principal’s interests and your own. You must only do things that you have been clearly appointed to do so in the power of attorney and are required to inform CommBank of any changes in respect to the principal.

If you breach your duties as an attorney, you could be required to compensate and pay back the principal for loss caused by the breach.

The CommBank Advice and support for attorneys guide provides more information about your responsibilities as an attorney, important banking information and details where you can find additional support.

Financial management order

• Must be 18 or older.
• Can be a close relative, trusted family friend or a public trustee.
• Will be authorised to manage all financial affairs.

Lodging a financial management order will automatically revoke and cancel any existing third-party authority and power of attorney the account holder has previously authorised.

How do I lodge a financial management order?

The financial management order must be brought into a branch. You may need to complete some additional paperwork while you’re in the branch. If the appointed financial manager lodges the financial management order with the bank on behalf of the account holder, the account holder won’t need to attend the branch. If there are multiple financial managers, it is best for everyone to come into the branch together. However, if this is not possible, we can only provide account access to a financial manager who has previously visited a CommBank branch and been identified. Book an appointment at your nearest branch

What do you need to bring into branch to complete lodging a financial management order?

• The original the financial management order document.
• Proof of identity (e.g, driver's licence or passport) from each financial manager.