Elder abuse can come in many different forms. In some cases, it is a failure to provide adequate care, while in others it is actual physical abuse. But there is another form of abuse. This is where banks and elder abuse come together. Also where they can make a difference. Financial elder abuse can come from scams that are perpetrated by 3rd parties on confused seniors. They somehow persuade them to part with large sums of money. In other cases, it is the actual family members who have responsibility for the senior’s financial affairs. It may be a son or daughter or a relative that just cannot resist taking some of the money out of the bank for their own personal use.
There are a number of ways that the banks, as well as individuals, can protect themselves from this sort of financial abuse. The banks are gradually putting systems and triggers in place. These alerts will alert them when large sums are removed from an account. Also, abnormal amounts that do not fit the profile of the account owner can also trigger alerts. But there are more ways than you can protect yourself as well as your elder family member.
Banks and Elder Abuse
We will list a few steps that consumers can take to protect themselves. This applies to the senior as well as the person responsible for looking after their accounts. It is not foolproof, but it is a step in the right direction.
Living Will – make sure that there is a living will that specifies at least two people who will look after health decisions and financial decisions. Make sure the bank is aware of the living will.
Account Alerts – emails can be sent based on triggers of both deposits and withdrawals to the designated living will executors and the senior in question, providing information about activity taking place in the account.
Monitor – Check online at least once a month and more often to make sure that nothing suspicious is going on with the account’s finances.
Place Limits – on the account in terms of transactions. Anything larger than a specified amount triggers a phone call to the executors or the account owner for approval.
Make good decisions regarding your living will executors. There is a much higher probability of avoiding elder abuse. For more details on personal finance issues, click here.