The people who can make changes to your investment account
Your bank's investment department handles account maintenance — things like adding money, withdrawing funds, changing how dividends are reinvested, or updating beneficiaries. The person who can actually perform these tasks depends on whose name is on the account and what authority you've given them.
The account owner can always make changes themselves by logging into online banking, calling the investment department, or visiting a branch in person with ID. If the account is held jointly with another person, both owners typically have equal authority to make most changes without asking permission from the other owner. If you've set up a power of attorney or named someone as an authorized user, that person can also perform maintenance — but only within the limits you've specified in the document or authorization.
Key Takeaways
- The account owner can perform any maintenance task by logging in online, calling the investment department, or visiting a branch with a government-issued ID.
- Joint account owners have equal authority to make changes without permission from the co-owner, unless the account was specifically set up to require both signatures.
- A power of attorney document must be on file at the bank before someone can act on your behalf, and the bank will only honor the specific powers listed in that document.
- An authorized user can perform routine maintenance like deposits and withdrawals, but cannot typically change ownership, add beneficiaries, or close the account without explicit written permission.
- Banks verify identity through government ID, account passwords, or security questions before allowing any changes to an investment account.
Account owners performing maintenance themselves
If your name is on the account as the sole owner, you have full authority to make any change. You can do this three ways: through your bank's online portal (usually the fastest), by phone with the investment department during business hours, or in person at a branch. Online changes to routine items like deposit amounts or dividend reinvestment usually take effect immediately. Changes made by phone or in person may take one to two business days to process.
The bank will ask you to verify your identity before making changes. Online, this means your username and password plus a security code sent to your phone or email. Over the phone, the bank asks security questions (your mother's maiden name, the last four digits of your Social Security number, or recent transaction amounts). In person, you'll need a government-issued photo ID — a driver's license, passport, or state ID card.
Joint account owners and their authority
When two people own an investment account jointly, both have the right to make changes without notifying or getting permission from the other owner. This means either person can deposit money, withdraw funds, change the reinvestment settings, or update contact information. The bank treats both owners as having equal control.
There is one exception: some accounts are set up to require both owners' signatures or authorization for certain actions, usually large withdrawals or closing the account. This is rare and must be explicitly requested when the account is opened. If you're unsure whether your joint account has this restriction, call your bank's investment department and ask whether the account requires dual authorization for any transactions.
If one joint owner dies, the surviving owner typically retains full control, though the bank may temporarily freeze the account while it processes the death certificate. The process usually takes five to ten business days.
Power of attorney and acting on someone else's behalf
A power of attorney is a legal document that gives someone else the authority to manage your account if you cannot. The person you name (called the agent or attorney-in-fact) can only perform the specific tasks listed in the document. For example, you might grant power of attorney to deposit checks and withdraw money, but not to change beneficiaries or close the account.
Before an agent can make any changes, the original power of attorney document must be on file at your bank. You'll need to bring it to a branch or mail it to the investment department. The bank will make a copy and keep it in your file. Some banks have their own power of attorney form they prefer; ask whether yours does before you have a document drawn up.
The agent must also verify their identity the same way you would — with a government ID in person, or security questions over the phone. If the power of attorney is limited to certain actions, the bank will only allow those actions. If it's a general power of attorney covering all financial matters, the agent has broad authority.
Authorized users versus account owners
An authorized user is different from a joint owner or power of attorney agent. An authorized user can perform routine maintenance like deposits and withdrawals, but cannot make structural changes to the account. They typically cannot add or remove beneficiaries, change the account title, transfer the account to another bank, or close it.
Authorized users are common when a parent adds an adult child to manage an aging parent's account, or when a business owner adds an employee to handle deposits. The authorized user status is set up at the bank and can be revoked at any time by the account owner. Like joint owners, authorized users must verify their identity before making changes.
What maintenance tasks require special permission
Some changes go beyond routine account maintenance and require additional verification or documentation. Changing the account beneficiary usually requires a new beneficiary form signed by the account owner (or the power of attorney agent if one is on file). Closing the account or transferring it to another bank may require the account owner's signature on a form, even if someone else normally handles the account.
Adding a new joint owner or removing an existing one is a structural change that requires the current owner's direct authorization — an authorized user or power of attorney agent typically cannot do this alone. If you want to add someone as a joint owner, you'll need to visit a branch or call the investment department yourself and provide identification.
Large withdrawals (the threshold varies by bank, usually $10,000 or more) may trigger additional verification steps or reporting requirements, but the person making the withdrawal doesn't need special permission if they already have authority to withdraw.
What happens when someone passes away
When an account owner dies, the bank will freeze the account once it learns of the death. A surviving joint owner can usually regain access by providing a death certificate and verifying their identity. A power of attorney becomes invalid at death, so an agent cannot continue managing the account.
If there is no joint owner and no beneficiary named on the account, the account becomes part of the deceased person's estate. The executor of the estate (named in the will or appointed by the court) can then access and manage the account, but they'll need to provide the death certificate, a copy of the will or court order, and their own identification.
Frequently Asked Questions
Can I let someone manage my investment account without making them a joint owner?
Yes. A power of attorney document lets someone manage your account without being a joint owner. You control exactly what they can do, and you can revoke it anytime. An authorized user is another option for routine tasks like deposits, though they have fewer permissions than a power of attorney agent.
What's the difference between a joint owner and an authorized user?
A joint owner has equal rights to the account and can make any change. An authorized user can perform routine maintenance (deposits, withdrawals) but cannot make structural changes like adding beneficiaries or closing the account. Joint owners also have rights to the account if you die; authorized users do not.
Do I need to be present in person to add someone to my account?
It depends on what you're adding them as. For a power of attorney, you can mail the document to the bank. For a joint owner or authorized user, most banks require you to visit a branch in person with ID, though some allow phone authorization if you're an existing customer with a verified account.
Can a power of attorney agent close my investment account?
Only if the power of attorney document specifically grants that authority. Most general powers of attorney do include the right to close accounts, but limited powers of attorney may not. Check your document or ask your bank what powers are listed before you need them.
What happens to my investment account if I become unable to manage it and I don't have a power of attorney?
Without a power of attorney, a family member would need to go to court and ask to be appointed as your conservator or guardian. This is slower and more expensive than a power of attorney. If you have a joint owner, they can manage the account without court involvement.