Bank of American Fork is being recognized as one of the first banks in the country to offer a suite of product features to help protect seniors against becoming victims of financial abuse. The package, called AccountSmart Tools for Seniors, was provides the following tools for those 55 and over:
Third-party online monitoring. A third party may be authorized to monitor a senior’s finances through online banking (including receiving email alerts for low balances and recent transactions) and monthly account statements. The third party may only view the account and will not have the ability to perform transactions, but can keep a watchful eye out for signs of financial exploitation.
Automatic transfers. A senior may set up a second checking account on which a “helper” has access. Automatic transfers can then be set up from the senior’s primary checking account to the second checking account, limiting the amount of money to which the helper has access.
Power of Attorney. If seniors can no longer manage or need help with finances, they may authorize a helper to have power of attorney, which means the helper may act in their behalf, including making deposits, writing checks, using a debit card and using online banking associated with the senior’s account.
Automatic bill pay. If seniors have trouble remembering to pay bills but don’t want to put someone else in charge of doing it for them, they may set up automatic bill pay through online banking. This allows them to schedule one-time or recurring bill payments to ensure that bills are paid on time.
Free book. Seniors will receive a complimentary copy of the comprehensive book Navigating Your Rights: The Utah Legal Guide for Those 55 and Over by Jilenne Gunther, Legal Enforcement Counsel with the Utah State Division of Aging & Adult Services. (While supplies last.)
“At Bank of American Fork, we take seriously our responsibility to protect all of our customers, including our valued seniors, from financial exploitation,” said Richard Beard, Bank of American Fork president and CEO. “We are proud to pioneer a suite of product features that will provide our older customers with tools to help provide security and peace of mind.”
Get started with AccountSmart Tools for Seniors by visiting any Bank of American Fork branch.