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Who Can Open an Account?

You can open your account for yourself if you are an eligible individual, at least 18 years of age and have the legal authority to open an account.

If the eligible individual does not want to open their own account or does not have the legal authority to act on his/her own behalf in financial matters, an Authorized Individual may open and manage the account on behalf of the Account Owner.

The following outlines what is necessary to become an Authorized Individual in certain situations:

  • If the Account Owner lacks capacity, you must provide the appropriate authorizing documentation showing you are able to act on behalf of the Account Owner in all financial matters. A conservator appointed by the court for an Eligible Individual must provide a copy of Letters of Appointment by the court.

  • If the Account Owner has legal capacity but has granted another person Power of Attorney, you must provide a copy of signed Power of Attorney forms that address the ability to act on financial matters.

  • If the Account Owner has legal capacity and wants another person to be able to transact on the account as well, the Eligible Individual can name an Authorized Agent. There are four levels of access that can be granted, from receiving statements only to full Power of Attorney over the account.

The eligible individual with a disability is always the Account Owner and is the beneficiary of an IAble account.

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