What is an Attorney-In-Fact

State law gives the following powers to an attorney in fact in connection with any banking transactions in New Jersey
state of New Jersey:

• To continue, change or close any account or other bank arrangement made by the principal before the date of the power of attorney;
  
• To open an account with any bank:
  
  • In the name of the attorney in fact;
    
  • In the name of the principal; or
    
  • In both names;
• To open or close a safety deposit box or vault space;
  
• To obtain any other services offered by the bank;
  
• To draw and sign checks from accounts owned by the principal;
  
• To withdraw, transfer or move funds from accounts owned by the principal;
  
• To use any line of credit;
  
• To apply for and use any automatic teller or debit cards for accounts owned by the principal;
  
• To prepare financial statements regarding assets and liabilities or income and expenses of the principal as may be required by any bank;
  
• To receive bank account statements, notices and other documents from any bank on behalf of the principal;
  
• To have access to any safety deposit box or vault that the principal would have access to in any bank;
  
• To borrow money by bank overdraft, loan or promissory note and to give any security as may be required by the bank for such credit;
  
• To make, assign, endorse, discount, guaranty and negotiate any paper instruments of the principal or payable to the principal;
  
• To obtain and receive traveler’s checks or letters of credit;
  
• To consent to extension of time for payment of any commercial paper or banking transaction that the principal has an interest in;
  
• To execute, seal and deliver any document needed in the name of the principal to carry out any of the powers given by law;
  
• To prosecute, defend, arbitrate or settle any claim involving the principal and any banking institution;
  
• To hire any lawyer, accountant or other expert that the agent needs in order to properly execute the powers given by law;
  
• To do any other actions not specifically mentioned that deals with any transaction involving the principal and any banking institution.

These powers come into effect when the attorney in fact gives the bank a copy of the power of attorney in this or any other state.