Account Access

[Anonymous]

I am a new DMM and have heard a lot of different opinions in my research regarding the best way to access a client’s account information. I have heard some simply use their client’s user name and password; I’ve heard another say she has the client add her as a signer on the account; and I have heard others gain accountant access (view only) and have their own password. I need to be able to log into client’s bank accounts to download data to Quicken and conduct other tasks. Can anyone tell me if AADMM has any best practices or recommendations for how to access client accounts?

[Anonymous]

Amy, in order to maintain separation of access, a method you could use would be to have the client enter user/pass from either their computer or yours and once logged in, then download the Quicken-format files you need. That way you don’t have direct access to the account when not with the client, and you can still take those data files with you to import into Quicken.

I do not have first-hand experience, but I believe some banks may also provide the ability to have a read-only username associated with the account.

It probably depends more on how tech-saavy the client is to determine what method would work best.

-tom

[Anonymous]

I am running into a similar problem. The person I work with is the POA. The mother is 94 & the POA is 69. She will not go on the computer unless she is forced to. The mother is in a lovely nursing facility in Midlothian VA & the POA lives in Moseley, VA Both of these cities are south & west of Richmond & I am 1 1/4 hours due north of Washington, DC (i.e. the drive between our homes is at least 3.5 hours). I have used the ID & PW of the POA. In order to have my own ID & PW, it would be in the form of Inquiry Mode only, which would not allow me to pay online bills. I actually have developed very nice business relationships with some of the vendors employees. When I see that a bill is correct, it gets paid promptly. If there is a problem, I notify the vendor immediately & tell them that I need to speak to the POA first. I have found issues with bills that passed by the POA.

I am in a dilemma right now, because I am not sure how to rectify the situation, so I can pay the bills on line.

[Anonymous]

You’ll have to decide if this would work for you, but several DMMs have mentioned that they will work with the client/PoA to open a second bank account for the DMM to use for paying bills directly. That second account gets funded from the client’s primary account for the expected amount of the needs each month. Then you have full ability to use that account to perform your bill paying services, without having access to all of the client’s funds.

Some other DMMs who do this might want to chime in and describe how that second account is titled.

Also, some DMMs who focus on working with remote clients may also have suggestions, since this client is basically a remote client for you. My previous comment was based on DMMs who work with clients locally.

[Anonymous]

Thomas, I happen to actually like the idea of a 2nd checking account. The additional problem that is beginning to come into play is the following. The POA(69 years old) has her own health issues. Right now, she is in rehab & 5 doors down from her mother, who is a permanent resident at the facility. They are joking because there has never been a mother/daughter situation in this facility. It is getting more difficult for me to get her to go onto her computer when she is home. If I know that there a multiple emails going back & forth between the CPA, Elder Law attorney, Financial planner & myself, I have to contact the POA via her cell phone, which she does not always have available & tell her to go on her computer. For certain, there will have to be some decisions made, which I am leaving up to the professionals listed above.

I would be very interested in knowing from other DMMs how this second account is titled.

[Anonymous]

I’m sorry about the duplicate post. The website said it failed to process the posting, but apparently it did post it. I’ve reported it as a duplicate, so hopefully the administrator will remove the duplicate.

I agree that your situation is difficult given that the POA may not be available when needed. This might be a good time to have a conversation with client and POA to consider having a third person be POA for both of them. Some DMMs provide that service, so you’ll have to consider whether that might be a service you want to offer to these two clients.

-tom

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