2 Methods of Managing Someone Else’s Bank Account

 

Managing the finances of a loved one is an important responsibility which may at times be seasoned with emotion.

If you manage finances for a loved one, you’ll need access to their bank accounts. To help make such situations less daunting, Victory State Bank is highlighting two common methods to have access, as described in the U.S. General Services Administration’s “Consumer Action Handbook”:

 

1)      POWER OF ATTORNEY

A power of attorney allows you to make financial transactions on behalf of another person while they are alive.

If the account holder dies, your power of attorney rights end. You can’t use the account to pay bills or have the authority to close the account.

2)      JOINT ACCOUNT

A joint account allows you to share ownership of the account.

You have the authority to use or close the account if the other account holder dies. However, if the other account holder wanted their money to go to someone else after their death, that could cause challenges with the beneficiaries.

No matter what structure works best, remember to act in the other person’s best interest, manage the money carefully, keep their money separate from your own, and keep good financial records.

For more details. visit www.consumerfinance.gov/managing-someone-elses-money.

 

 

ABOUT VICTORY STATE BANK

 

VSB Bancorp, Inc. (OTCQX: VSBN) is the one-bank holding company for Victory State Bank. As Staten Island, N.Y.’s only community-based commercial bank, Victory State Bank operates five full-service locations on the Island, including the main office in the community of Great Kills and branches in West Brighton, St. George, Dongan Hills and Rosebank.

A planned sixth branch, to be situated in Meiers Corners, has received both regulatory and building department approvals.

For additional information, Victory State Bank may be reached at 718-979-1100, or visited online at www.VictoryStateBank.com.

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