Protect Grandma from Financial Abuse Jun 15, 2012, 8:36 am By Emily Haleck

June 15 is World Elder Abuse Awareness Day. Many think of physical abuse when they hear the phrase, but often overlook another common way elders are abused: financially.

Financial elder abuse is rampant across the country, including in Utah, as outlined below:

What can you do to help prevent financial elder abuse? Follow the tips above to safeguard seniors’ money, including helping the seniors in your life protect their money by appointing a trusted third party to watch over bank accounts and statements without actually having access to them. Direct them to their bank, which can help seniors set up automatic transfers into smaller accounts on which they can provide access to a designated helper, instead of allowing the helper to access the senior’s full nest egg. And don’t forget to pick up a free copy of Navigating Your Rights: The Utah Legal Guide for Those 55 and Over available at legalguide55.utah.gov.

Learn more about how you can implement these changes using Bank of American Fork’s award-winning AccountSmart Tools for Seniors.

This entry was posted in Checking, Personal, Security, Seniors, Wealth Management and tagged . Bookmark the permalink.




3 Responses to Protect Grandma from Financial Abuse

  1. Good information for all employees and for all customers of the Bank.

  2. Marsha Suozzi says:

    Article is all well and good; however, too late for me. My 42 year old son was taken off my bank account when he asked me for the last of my money and I said no. So, either he or a friend of his hacked into my bank account and took the remainder of my money – overall, he took a total of approximately $70,000 and now I don’t see or hear from him at all. The killer is that he refuses to let me see my grandchildren-haven’t seen them in 2 years.

    • Heidi Carmack Pfaffroth says:

      Marsha, so sorry to hear about your experience. We want to try to help others be aware of the exploitation risks in their lives. Your story increases our commitment to this cause.

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