Answer:
I would really like to know a little more about what you are being asked to do, but the safe answer for both of us is, "Absent a clear grant of legal authority, no."
There are a number of circumstances where one person does have the authority to open an account and use another person's name and SSN; e.g. UTMA custodian, court appointed guardian, attorneyinfact, etc. However, in each case the person opening the account would have a clear grant of authority from a statute, a court order or the POA signed by the principal.
Again, the person would need some specific authority to commit a third party to a contract with your institution. "Good intentions" would not be enough.
First published on BankersOnline.com 9/16/02
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