Can a Power of Attorney on an account take out a loan for the member?
Generally, Delta Community does not allow a Power of Attorney to take out a loan for the member. They cannot incur additional debt for the member or otherwise incur additional debt for the member. However, use of a Power of Attorney may be allowable with certain limited situations. For instance, a Power of Attorney may be allowable for the closing of a real estate loan where the POA document meets specific guidelines.
In order to authorize another individual to have access to loan account information, make loan payments or transfer money to a loan, you must submit either a Power of Attorney or the Credit Union’s Loan Authorization form.
