Throughout your life there may be times when you wish to grant access to an account or authorise someone to manage your finances on your behalf. Alternatively, you may be helping a loved one who is no longer physically or legally capable of making their own financial decisions, or who needs support to manage their accounts.
Whenever you give someone else access to your finances it can increase your risk of financial abuse or economic harm. We encourage you to seek legal advice before granting someone access to your accounts or to manage your finances.
Take a look at our Financial abuse guide for more information, including how to protect yourself and find support.
What are the options?
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Prepared by a lawyer |
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Begins immediately |
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An enduring power of attorney for property can begin immediately, or you can choose for it to begin if you were to become mentally incapable of making decisions. |
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Stands if you become mentally incapable |
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Functions
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Deposit & withdraw funds |
For specified accounts |
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Get account balances |
For specified accounts with staff assistance |
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Pay bills and transfer money |
For specified accounts with staff assistance |
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Load, alter or cancel bill payments |
For specified accounts with staff assistance |
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Internet banking access |
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ASB Mobile app access |
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FastPhone access |
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Open or close an ASB account |
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Managed funds access |
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Open or close term deposits |
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Sign loan agreements |
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Authority to Operate
An authority to operate enables you to give someone else the ability to operate specified bank accounts on your behalf.
You could authorise another person to operate specified accounts on your behalf if, for example, you were going to be away from home or are hospitalised for a period of time.
If you have a joint account, all owners of the account must agree to give authority to operate the joint account.
Standard & enduring power of attorney
This is a legal document that one person (a ‘donor’ or ‘principal’) gives to another person or company (the ‘attorney’) to act on the donor’s behalf.
An attorney must always promote and protect your welfare and best interests.
A power of attorney can apply to one joint owner of an account. You need to advise the other joint owner if you appoint an attorney to act on your behalf.
There are two types of power of attorney, a standard (or ‘Ordinary’) power of attorney, and an enduring power of attorney. Both standard and enduring power of attorney are immediately revoked if you die.
Standard power of attorney
With a standard power of attorney, you can continue to manage your own affairs, but have help from your attorney. You can choose how much power your attorney has, for example it could be a general power to look after all your money or property, or it could be more specific.
A standard power of attorney is immediately revoked if you become incapable of making decisions.
Enduring power of attorney
An enduring power of attorney is similar to a standard power of attorney, but the attorney can act for you even if you become mentally incapable.
Life can be uncertain and anyone at any age can have an accident or be hospitalised with a serious illness. This makes an enduring power of attorney a helpful way to protect your future, should something happen to you, because a spouse, partner or next of kin isn’t automatically entitled to step in to manage your finances.
There are two types of an enduring power of attorney:
- Enduring power of attorney for Property, meaning they can manage everything you own including bank accounts and investments.
- Enduring power of attorney for Personal Care and Welfare, meaning they can make decisions such as where you live and how you are cared for.
You can structure an enduring power of attorney for property to take effect immediately or in the event you become incapable of making decisions. If it is structured to take effect should you become mentally incapable, a medical certificate or Family Court order stating you are mentally incapable is required to activate it.
Getting set up
When you are ready to activate your power of attorney or authority to operate, you can make an appointment at your local ASB branch by giving us a call on 0800 803 804. Where possible, it’s a good idea for both you and your attorney, or the person you are authorising, to come to the appointment together. If you’re unable to come into a branch, then your attorney can come on their own.
Please bring along the following to your appointment:
- Identification documentation such as a driver's license, passport or birth certificate.
- Photo identification and proof of address (e.g. utility bill) for your attorney or person you’re authorising. Here’s a full list of acceptable ID.
- For an authority to operate, an authority to operate form. We can provide one for you to complete at your appointment if it’s easier for you.
- For a power of attorney, the original or certified copy (certified by a solicitor or Notary Public) of the power of attorney document.
- For an enduring power of attorney structured to take effect upon becoming mentally incapable, a medical certificate or Family Court order stating that the donor is mentally incapable is required to activate the enduring power of attorney.
We will also need a signature for your attorney, or the person you’re authorising, to keep on file. That way, we can ensure whenever they transact on your account, it is the person you have authorised who is doing so.
If you already have a signed certificate of non-revocation (a document declaring that the appointment of the power of attorney has not been revoked), you can provide that too. Alternatively, we can provide one for your attorney to sign at the branch.
There may be other requirements, depending on your situation, but we will tell you about these once we have discussed your circumstances with you.
Setting up a power of attorney from outside of New Zealand
A power of attorney set up overseas can be accepted by ASB, provided it is witnessed by a Notary Public. If the original power of attorney document isn’t available, a copy that has been certified as ‘true and correct’ by a solicitor or Justice of the Peace in New Zealand is also acceptable.
Making changes or cancelling
Authority to operate
You or authorised person can cancel an authority to operate at any time. You can notify us in person, by signed letter, or over the phone by calling 0800 803 804.
Standard & enduring power of attorney
If there are any changes to your power of attorney arrangement, please let us know as soon as possible. Make an appointment at your local branch to bring in your new or updated power of attorney document.
You can remove a power of attorney at any time in person, in writing or over the phone on 0800 803 804. If you choose to remove a power of attorney over the phone, we will also need written confirmation.
Get in touch with any questions.
Helpful guides
The above information is a guide only and should not be relied on as it does not take into account your personal situation.