California  |  Business Law

Legal Question

Asked on: 7/19/13, 2:22 pm

I have a business where I locate unclaimed funds for people across the country. The problem is the entities that pay out send the check to me made out to: either my clients name only, to my name AND the clients name, or to my name in trust for the client, etc. I have spent a lot of time and been to a lot of banks (I'm in California) and none of the banks will accept my Limited POA giving me permission from the client to deposit the check and pay out the client's portion to them.

The banks say "they are not comfortable" even with my POA. They say they cannot verify if the “John Smith” that notarized the POA that I am showing them is the same “John Smith” truly entitled to the funds. They are worried about fraud. Of course I had to prove with documentation to the entity that I have the right John Smith before they ever issued the check to begin with. But this doesn't sway the banks. I have talked to several attorneys with no solution. I know attorneys in California have trust accounts set up to disburse client’s funds out but I am not an attorney. Anyone have a solution?

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