Financial Abuse of the Elderly
It’s more common than you think!
The FDIC offers the information below on how to spot and prevent financial abuse. As always, contact us at Peoples Bank if you suspect a financial crime is being committed against an elderly person.
- Be careful with Powers of Attorney. The appointed person can step in and do everything you can do, including taking money from your account and borrowing money in your name.
- Protect your personal financial information. NEVER give out your Social Security Number, bank account numbers, passwords, or other information unless YOU call a company. Always shred any paper documents before putting them in the trash or recycle bins.
- Monitor your bank account and credit card activity every month. If you see anything that you did not do, contact the bank or credit card company immediately.
- Take your time when deciding on a major financial decision or investment. If you don’t fully understand any part of the transaction, contact your attorney or financial advisor for help BEFORE you sign anything. If the person pressures you to sign anything, that is a RED FLAG to stop and ask someone else.
Again, if you have any questions about your bank account activity, etc., call us at Peoples Bank for information.