No, we are not aware of any law requiring you to notify a joint account owner before an agent with a power of attorney transacts on the joint account. Generally, an agent granted a power of attorney over financial institution transactions may exercise control over bank accounts to the same extent as the principal. Consequently, a bank would not have to notify co-account owners when the agent exercises authority with respect to the account.

For resources related to our guidance, please see:

• Illinois Power of Attorney Act, 755 ILCS 45/3-4(b) (“Financial institution transactions. The agent is authorized to: open, close, continue and control all accounts and deposits in any type of financial institution (which term includes, without limitation, banks, trust companies, savings and building and loan associations, credit unions and brokerage firms); deposit in and withdraw from and write checks on any financial institution account or deposit; and, in general, exercise all powers with respect to financial institution transactions which the principal could if present and under no disability.”)