Planning your financial future? Learn everything about financial powers of attorney, from choosing an agent to understanding different POA types. 

Financial Power of Attorney: Everything You Need to Know | CFCU

Sometimes it’s just not possible for a person to manage their own finances. When this happens, preparation makes all the difference. Empowering someone you trust to step in can keep you and your loved ones protected no matter what happens. That’s precisely what a financial power of attorney does.

Financial power of attorney is when you authorize a person to manage your finances. This can include managing accounts, investments, bills, taxes, real estate, etc. They can be customized to specify exactly what’s allowed, when they can be used, and more. But the general idea is to enable your finances to be handled by someone in case you’re incapacitated or otherwise unable to yourself.

What does a financial power of attorney do?

Financial Powers of Attorney (FPOAs) are powerful tools that put you in control even when you’re incapacitated. It enables you to authorize an agent to act on your behalf based on specific instructions you set. But more than that, it also offers protection. Agents have to act in your best interest, keep detailed records, maintain your privacy, and generally operate within strict professional standards.

Some common duties and responsibilities of an agent include:

Act in the best interest of the Principal (you)

Keep detailed records of all financial actions they take on your behalf

Keep your funds and assets completely separate from those of the agent

Maintain privacy and confidentiality around your finances

Operate with honesty, integrity, and due care

Manage any investments, assets, or properties you may have

Pay bills, utilities, and generally handle ongoing financial obligations

Handle retirement, estate planning, insurance, and social benefits

There are two ways to divide FPOAs: by scope or authority. They can be general (giving broad authority to handle financial matters) or limited (where only specific actions are authorized). The other two categories you should know are durable and non-durable based on whether the FPOA terminates or remains in force if you become incapacitated. Here’s a breakdown to help you understand these differences.

Durable powers of attorney remain in effect regardless of whether you’re incapacitated or not. For example, you may decide to authorize an agent to manage your taxes on your behalf and have a durable FPOA so they can continue that work even if you get lost wandering the upper peninsula for weeks.

Durable FPOAs can also be immediate or springing. An immediate FPOA takes effect as soon as you sign the agreement. A Springing FPOA only takes effect when under specific conditions, for example if you become incapacitated.

Unlike Durable FPOAs, non-durable variants are designed to remain in force only while you are able to make decisions. As soon as you become incapacitated for any reason, the agent can no longer act on your behalf. Like Durable FPOAS, these can be limited to specific actions or general.

Non-durable FPOAs are useful in cases where you only need an agent to assist you on a temporary basis. For example, if a relative passes away and you need assistance with executing their will and managing their estate, you might use a limited non-durable FPOA.

Why do you need a financial power of attorney?

While you may assume they’re only for people in very specific situations, many people can get a lot of value from using an FPOA. From going on vacation to selling assets, they can help give peace of mind while ensuring your financial affairs are handled responsibly. Here are some common examples of ways they can be used and which types are most appropriate:

You’re going on vacation and won’t be reachable: If you know you’re going to be unreachable for a time and want to ensure your financial affairs are handled in your absence, you might use a limited non-durable FPOA.

You may become incapacitated: If you have a condition that may result in incapacitation, or simply want to be extra careful, a general springing durable power of attorney can take effect as soon as you’re no longer able to manage your affairs on your own.

You want help with financial management: You may simply not want the responsibility to manage some aspect of your finances like handling taxes. Here you can use a limited non-durable power of attorney to authorize an agent to handle that on your behalf.

You want to avoid needing a conservatorship: In some situations where there’s a risk of you or another loved one requiring a conservatorship, an FPOA can be a more limited option for ensuring finances are managed properly.

You need to sell some assets: You may have a property you want to sell but not wish to be involved in the process. Here you could use a limited non-durable power of attorney to authorize an agent to handle that sale on your behalf.

Who should consider getting a financial POA?

Financial powers of attorney aren’t just for the ultra-wealthy or severely ill. Even young and healthy people may consider an FPOA to help manage complex or difficult financial situations. Here you’ll need to weigh the costs against the benefits of getting that help. In particular, if you need a trusted third party to handle matters, an agent using an FPOA may be ideal.

Or, you may use a springing durable POA as a kind of insurance in case something unexpected happens to you or a loved one. In such cases the POA may never even come into force, but it still plays a role in creating peace of mind. This type of FPOA may be appropriate for a person of nearly any age or health status.

How do I choose the right person as my POA agent?

While all POA agents must operate under the same professional standards, there are still important differences you should consider. Specialization is one of the most important. If you need an agent to handle taxes alone, you should find a tax specialist. If you need more general financial services, you may hire an agent who works for a firm that can give them access to specialized advice when needed.

You should also consider finding an agent both you and your loved ones trust and work well with. Open communication is essential in order to work together and find the best type of FPOA for your needs. There may also be practical concerns like working with someone who works nearby. If you need advice or a public notary, we can help.

The first step is to use the criteria mentioned above to find the right person to act as your agent. Then, you can have an open discussion with them about your needs so you can decide on the right type of agreement. You’ll want to have an attorney involved to review the agreement and ensure you’re protected.

Once you’ve got an agreement everyone can work with you’ll need to sign it while meeting your state’s requirements. In Michigan this means getting the contract notarized with two witnesses. You may also want to consider finding a successor agent in the event your regular agent is unable to perform their duties.

As long as you are of sound mind, you always have the right to revoke or change an FPOA. This is done through a written notice that lays out exactly what you would like to change. This notice is then presented to your agent and any relevant parties through something like certified mail to ensure there’s a record of its receipt.

In most cases, you’ll then prepare a new FPOA to replace the previous one. Or, you may simply not need it anymore. Often people will renew their FPOA annually, using it as an opportunity to make adjustments and ensure it evolves and continues to meet their needs.

What happens if I don't have a financial POA?

Without an FPOA, you can take on significant financial risk if you were to be incapacitated or even unreachable for some time. In such cases, your family or loved ones may need to go through the courts to have a legal guardian or conservator appointed. This can be a very expensive and time-consuming process.

In the meantime, bills can go unpaid, accounts can be frozen, investments may be neglected, etc. In these cases, your wishes may also be unclear, potentially creating conflict within your family or loved ones about the best actions to take. FPOAs, by contrast, provide clarity and ensure your finances are handled responsibly and according to your wishes without the need for lengthy legal processes.

Common mistakes to avoid with financial POAs

your agent should be well-versed in the kind of financial services you need from them. For example, if they will be responsible for managing real estate, investments, paying taxes, etc. they should be knowledgeable in that area.

Not updating or revoking an FPOA when it becomes outdated:

 If your FPOA expires after one year and you forget to update it or create a new one, you can end up with serious problems. Alternatively, if your wishes change and that isn’t reflected in your FPOA, those wishes can’t be acted on.

Failing to properly define the agent’s powers and responsibilities: 

A lack of clarity or incorrect information here can prevent your agent from acting according to your wishes or even open your FPOA up to legal challenges.

Making errors in drafting, signing, or witnesses: 

If your FPOA is not written and legalized properly, it can be challenged in court and found not to be legally enforceable. This can create enormous headaches and complications.

It’s vital that anyone signing an FPOA have a proper understanding of what they are agreeing to. Fortunately, the notary you use to sign the document should help ensure this is the case.

Financial powers of attorney are invaluable tools for ensuring you or those you love are financially protected. Whether for a planned or unplanned event, they help give peace of mind and ensure your finances are properly managed.

The trick is understanding all the options out there, finding the right agent, and ensuring your FPOA is handled properly. That’s where 

comes in handy. Our friends and partners at 

 can help walk you through estate planning and power of attorney options, keeping you informed and protected each step of the way.

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Financial Power of Attorney: Everything You Need to Know

CFCU is bringing the latest and greatest banking technology to make your member experience even better! Get all the details about what ITMs (interactive teller machines) are and how you can use them.  

The ATM But Better: Introducing ITMs

Fueling innovation for your financial well-being

 is providing easy access to safe, secure, leading edge, and technologically relevant services. As a people-first credit union, we’re always looking for ways to push the envelope of what banking looks like.

You may have noticed that the drive-thru experience at some of our new CFCU branches looks a little different. (And there’s more where that came from coming soon!) So, without further ado…

We're replacing our drive-thru ATMs with ITMs!

. And if you didn’t know, ATM stands for 

What is the difference between an ATM and an ITM?

An ATM allows customers to perform a variety of tasks, from deposits to withdrawals, transfers, and much more. ITMs bring together all these services with a human touch. These machines have the option to connect you with a teller via video chat. That’s right! A real person, a Michigan-based CFCU team member, not some automated program that tends to be more frustrating than helpful.

After you pull up to the ITM in the drive-thru, the machine will give you two options:

Touch the screen on the left-hand side within the box labeled “TOUCH HERE to speak with a personal teller” or

Insert your card to begin your ATM transaction

Plus, if you find yourself wanting to ask a question during an ATM transaction, you can connect with a team member anytime. Just press the “Help” button located on the screen. Our team members are ready and happy to help!

All it takes is a couple of taps to chat with a real person—not a faceless machine, not AI—a Michigan-based CFCU team member who knows our services in and out.

Whether it’s a brisk Michigan morning, you’re chauffeuring your 

, or you’re really short on time, there’s no need to get out of your car to speak with one of our team members! Using an ITM will cut down on the time you spend—no more waiting in long lines or even walking to and from the branch doors.

Have a simple banking question? Need to tackle something complex? Our ITM team members are ready and happy to assist you with all the services you’re used to inside 

ITMs allow for a type of flexibility in banking that people couldn’t have imagined even 20 years ago. It’s part of how we’re walking with you towards building a better financial future and igniting your wild dreams. Find ITMs at our new 

 branches. More locations coming soon—stay tuned!

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Ignite your Impossible Dreams. Become a member today!

Spread more joy with every swipe of your card! Learn about how your purchases can do good in Michigan communities.

Giving is Easier than Ever this Season!

What if we told you that making more change in our communities could be a part of your routine? Even something you could do without even realizing it? Well, we want to make it easy for you to give back, because our purpose is more than just supporting our members through thick and thin. We’re dedicated to making the lives of all Michiganders better.

That’s why, when you shop while using your CFCU Mastercard® Debit or Credit Card, you can help raise funds for local organizations! In fact, members just like you raised $120,000 last year alone! Join the momentum as you’re crossing off your holiday shopping list this year and feel an extra rush of those warm, fuzzy feelings knowing that your giving is going further.

 holders: Every time you swipe your card, we donate one cent to a local charity! 

To choose or change the charity linked to your debit card, give our Care Center a call at (877) 937-2328! A few taps and a quick chat are all it takes to begin making a difference! Once you’ve linked your card, it’s automatic—you won’t have to think about it again and again. Now that’s giving made easy! 

 holders: You can choose to send your credit card rewards points to a local charity. 

Plus, Platinum Rewards, World, and Business Mastercard

 holders get to choose where their spending earns extra points from October 1, 2025 to December 31, 2025! (Psst. That’s just in time for the season of giving.)

Many folks tend to spend a bit more leading up to and around the holidays. Over time, your actions can pour good back into our communities, from trips to the grocery store to prep for sharing delicious meals to finding the perfect gift for everyone on your list. Or perhaps your holiday plans include traveling to spend time with those you love, everything from trips to the pump or the airport will add up. There’s endless opportunities at the touch of your fingertips for your spending power to do more.

We’re all about making the mitten a better place to live! Learn more about the ways we’re helping pour more money back into the communities we serve:

 to make a deeper, lasting impact on our communities by tackling Michigan’s largest barrier to economic prosperity. In 2024, the foundation provided ‌​‌‍$530,000+ in grants to 42 local organizations!

: Detroit-based, world-famous artist Tony Roko established his 

 in 2017 to provide art and entrepreneurial training for Metro-Detroit’s most underserved communities. The non-profit’s mission is to encourage individuality, support creative growth, and reinforce self-worth through artistic expression.

 empowers Michigan LGBTQ+ youth and young adults by providing supportive housing, clinic access, and educational opportunities. Their work centers around supporting young people of color who are experiencing barrier to health and wellbeing.

Whichever organization you help support, you can help make fellow Michiganders’ seasons a little brighter and spread some holiday cheer every day—without having to write a big check!

In 2024, charitable donations from debit cards alone 

!!! Crunching the numbers, that’s nearly $10,000 a month. Talk about cha-ching! We can’t wait to see what an incredible impact your purchases will have in the future. Together, we can help Michigan’s communities become stronger and more vibrant.

Relentless Care Foundation

See How You Can Help

Rethinking philanthropy

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Relentless Impact in action

Take all that change you’ll be growing to new heights by pairing it with our High Yield Savings Account. Boasting 10% APY on your first $1,000 and boosted rate beyond that, there’s no need to sacrifice savings-speed for simplicity!

High Yield Savings Account

Boost It With High Yield Savings

High Yield Savings

Grow faster with 10% APY*

*APY = Annual Percentage Yield. Rate offered may change at any time. The minimum balance to open the account is $5.00. The 10.00% APY is earned on balances of $.01 to $1,000.00. Balances of $1,000.01 and above earn an APY of 0.10%. Fees could reduce earnings. Federally insured by the NCUA.

High Yield Savings Disclosure

Gift cards aren’t what they’re cracked up to be. Don’t gift just for the now, gift for the future.

Why You Should Ditch the Gift Card This Holiday Season

The holidays will be here before you know it. While you’re out 

, you’ll probably see a variety of gift cards on display in the checkout area. These cards, sometimes referred to as gift certificates, may seem like the perfect solution for someone on your list you’re struggling to find a gift for. But when it comes to these pre-loaded cards, the best gifts don’t come in the smallest packages (or in this case, enclosed within a paper sleeve).

What people don’t know about gift cards…

They hold onto the money, even if it’s not used

While it might be tempting to snag some cards and call your giving a day, you can spend your gift money much smarter.

Here’s the thing: buying a gift card is basically the same thing as giving a business an interest-free loan (that’s not FDIC/NCUA insured) until a purchase is made. You’d be surprised how many gift cards don’t even get used—more on that later.

Unfortunately, it doesn’t stop after the gift card is used. We’ve all gone to check out with a gift card and there’s something leftover… because rarely is a purchase an even dollar amount without any change. The remainder of that dollar is then trapped in the card, and there’s no way to get it out. The money goes to waste for you and your loved one. -1 point for you, +1 point for the corporation’s balance sheet.

Depending on the type of card you choose, there is a range of funds you can load on the card. But there is always a minimum, putting constraints on how much you must spend. Where the recipient can use the funds is also quite limited. Most gift cards can only be used at a certain store, restaurant, etc. If you pick a place the person on your list doesn’t like, it will simply sit there and collect dust. Even cards that are general use, marketed as basically a debit card, are a hassle to use online (sometimes unusable) if the funds don’t match up exactly since many sites won’t allow you to use a gift card with another form of payment. What’s more is that there often isn’t a great way to check your balance.

They are actually worth less as time goes on

Did you know that in some states gift cards can be subject to inactivity fees? Rest assured, Michigan isn’t one of them, but if a loved one lives out of state, the card could be subject to fees if not used within the first 12 months. The funds will whittle down and potentially drain your gift to zero. That is another negative point to your score vs. the corporation (who continues to benefit).

What’s more, all gift cards are impacted by inflation, meaning that the funds you put on the gift card today won’t go as far in the coming months.

There’s also the possibility for a gift card to become completely worthless if the company tied to it goes out of business.

In fact, consumers often need to split payments between gift cards and another form of payment (if that is allowed). Research by 

 showed that 61% of people spend more than the gift card is worth, averaging $31.75 above and beyond the value of the card!

Remember how we mentioned that many gift cards are never used? Don’t just take our word for it:

Up to 20% of gift cards funds go unspent 

That results in billions each year of unspent revenue for businesses. The unredeemed funds from gift cards are called “breakage” and businesses get to keep these funds as profit. There is no way to get those funds back other than spending every last cent within the limits of what the card can purchase. According to 

, Americans have a collective of $21 billion in unspent gift cards as of 2023.

Another way to look at it: 1 in 5 people don’t use their gift card balance. Below are common reasons why.

Statista found that a third of gift card holders in the U.S. admitted to forgetting about their gift cards entirely in 2024

The card got lost or expired. The same Statista findings reported that one in five people’s card expired before they even tried to use it. It’s also common for cards to get lost or damaged.

The amount leftover from other purchases is small. Many people find their purchases to be just under the gift card amount, and since those funds are trapped, they think it isn’t worth trying to spend. 

Options are limited. Again, many gift cards are tied to a specific store, or sometimes a restaurant. If there isn’t a location close by, suddenly the convenience is gone.

What if we told you there was a better way to gift funds to a loved one,without the limitations of a gift card?

Make their season and their future bright by 

 on their behalf. All it takes is $5 to get started!

The best part is that once you start the account, the money you put in will grow over time. These accounts are just as safe as a standard, typical savings account, but with a boosted 10% APY*. Talk about a gift that keeps on giving!

As the funds grow, your loved one can withdraw small amounts for various purchases or continue to let it build and build to ignite their wildest dreams.The possibilities are endless. And with no upkeep fees—none of the funds will be lost to the gift card graveyard! Now that’s what we call holiday cheer!

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5 smart ways to make sure the holidays stay fun AND affordable for your family.

How to Pay for the Holidays (Without the Stress!)

Worried about keeping your gift giving on track this year? Here are some great tips to help keep your Black Friday (and beyond) out of the red

Between gift lists, travel plans, and a grocery cart that keeps mysteriously refilling itself, the holidays can feel like a financial juggling act—especially when the economy feels more uncertain by the day. But here’s the good news: you don’t have to choose between celebrating and saving.

At CFCU, we’re here to help members like you handle the holidays with less stress and more confidence—so you can focus on what really matters: the people (and moments) that make this season bright.

 feature built into every CFCU debit card lets you split your holiday purchases into smaller payments that fit your budget.

So you can get the gifts, book the trip, or host the dinner—without draining your account all at once.

If you’re planning for bigger expenses, a credit union 

 or credit card can help you cover more while generally paying less in interest.

Prefer to use what you already have? Move your holiday funds into a high yield savings account to earn more while you plan ahead for next year. (With 10% APY* on tap, we like to think that our 

And don’t forget: every time you use your CFCU Debit Card, you’re earning Debit Card Rewards—so your everyday spending could turn into handy gift cards for next year!

3. Close the drains on your cash (like fees you don’t need!)

When every dollar counts, don’t let unnecessary fees eat into your joy—or your budget.

Start by checking where your money might be slipping away: overdraft fees, ATM fees, late fees, subscription renewals you forgot about.

At Community Financial, we’re serious about helping you keep your money yours. That’s why we built a $50 Overdraft Buffer into 

—no fees, no stress on the first $50 overdrawn. And when you do need to grab cash, thousands of fee-free ATMs across Michigan have you covered.

Little savings like these can quietly add up to a lot of peace of mind (and maybe a few extra gifts under the tree).

4. Start saving small now, ignite a lot of joy later 

Saving for the holidays doesn’t have to be all spreadsheets and sacrifice. Our 

 program automatically rounds up your debit card purchases and puts the spare change into your savings—effortless progress toward next year’s gift list. Want to take it up a notch? Join the 

, where you can start with as little as 10 cents and watch your total grow week by week. By the end, you’ll have a hefty holiday fund (up to $1,378 in one year!) that’ll bring smiles to the whole family.

, we give one cent toward the cause you choose, such as our 

. That means your daily spending helps fund local organizations that care for people, communities, and wild dreams across our state.

Because at CFCU, your money doesn’t just work for you—it works for good. And that’s what the holidays are all about.

The bottom line: You can make the holidays joyful and financially smart. With the right mix of tools, rewards, and heart, we’ll help you stay on track, stress less, stretch your spending power, and spread a little more cheer this season!

Stop paying for what should be free. Open your 

 today and unlock Early Pay, a $50 overdraft buffer, and smarter debit card tools that put you back in control of every dollar.

Join Now

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Cut the fees and boost your cashflow in just five minutes!

‌5 minutes and $5 is all it takes to get started.

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APY = Annual Percentage Yield. Rate offered may change at any time. The minimum balance to open the account is $5.00. The 10.00% APY is earned on balances of $.01 to $1,000.00. Balances of $1,000.01 and above earn an APY of 0.10%. Fees could reduce earnings. Federally insured by the NCUA.

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Avoid overdraft fees while maximizing your earnings. Discover the ideal checking account balance and learn how high-yield savings and CD options can grow your surplus funds.

How Much Money Should I Keep In My Checking Account? | CFCU

“How much money should I keep in my checking account?” is one of those simple questions that really deserves a simple answer. Fortunately, we’ve got one. By following a few simple rules you can strike the perfect balance of saving and fun so you can live your best life.

How Much Money Should You Keep In Your Checking Account?

Having enough money in your checking account to handle things like unexpected expenses helps reduce stress and keep you on top of your expenses. But keeping too much there can mean missing out on opportunities to invest and save for the future. So let’s break down the things you should consider to make the right choice based on your wild dreams.

What’s the average checking account balance?

The most recent data available from 2023 puts the 

average amount in Americans’ checking accounts

 at $62,410. However, that doesn’t tell the full story, as the median is just $8,000. That number is far closer to the true average for most everyday folks.

That said, while the national median can give you some idea of what to aim for, there’s no one-size-fits-all answer. Personal factors like your m

How much money should I keep in my checking account?

Most financial experts recommend using a simple formula to determine how much money you should keep in your checking account: two months worth of living expenses in addition to a 30% buffer for safety.

Start by gathering bank and credit card statements along with bills for the past several months. Then, take the expenses within those documents and 

 into fixed expenses (those that don’t change each month like a mortgage payment), variable expenses (those that change every month like water bills or groceries), and discretionary expenses (things like buying a new computer that don’t occur often), alongside money that goes into things like savings.

Adding your fixed expenses to an average of your variable and discretionary expenses should give you a good idea of your total monthly expenses. Remember, this doesn’t have to be perfect, the goal is just to get a rough idea of what you typically spend in a month.

Adding that 30% buffer mentioned above is important to be prepared for emergencies. It also helps avoid overdraft fees and ensure you maintain a minimum balance if your account requires one.

The right account can also help a lot here. CFCU’s 

 has features like a $50 overdraft buffer to help out when you need it. But beyond just having a buffer, this account has no monthly fees and no minimum balance, so you can spend more on the things you want.

Figuring out how much you should keep in your checking account is about more than just expenses, you also need to think about your income. How often do you get paid and how predictable are those payments? The less predictable your income the more money you should keep on hand just in case.

Of course, it can be tough to understand your income and expenses when they change from month to month. The 

 can help. With tools to track expenses and cash flow, it makes it easy to stay on top of your finances and create some predictability.

If keeping two months expenses plus 30% in your checking account is good, keeping even more in there is better right? Not exactly. Money in your checking account isn’t taking advantage of higher interest rates you can get in places like 

. Anything above that minimum should really go into long-term savings.

High-yield savings accounts represent a middle ground between checking accounts and things like CDs. This money can be accessed in an emergency but is still kept in a place where it can earn interest and grow far faster than if it stayed in your checking account. That’s why you should keep 3-6 months worth of expenses in an account like this.

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