As we celebrate National Caregiver Month, let’s shine a light on a crucial aspect of elder care: financial security. Elder financial abuse, unfortunately, is a growing concern. Here are four key banking tips to help safeguard your loved ones’ assets:

1. Choose Wisely: The Right Bank Account

· Joint Account vs. Single Account: Consider the pros and cons of each. A joint account allows for shared access and decision-making, while a single account provides more control.

· Online Banking Security: Ensure your loved one is using strong, unique passwords and enabling two-factor authentication.

2. Regular Account Check-ins

· Review Statements Together: Schedule regular times to review bank statements, looking for unusual transactions or discrepancies.

· Question the Unexpected: If you notice unfamiliar withdrawals or deposits, don’t hesitate to ask about them.

· Be Wary of Unsolicited Calls or Emails: Remind your loved one to never share personal financial information with anyone who contacts them unsolicited.

3. Limit Access to Sensitive Information

· Be Selective with Sharing: Avoid sharing sensitive information, such as account numbers and PINs, with anyone who doesn’t need to know.

· Secure Important Documents: Keep important documents, like bank statements and social security cards, in a safe place.

· Beware of Phishing Scams: Educate your loved one about phishing scams and how to recognize them.

4. Consider a Trusted Advisor

· Consult a Financial Advisor: A trusted financial advisor can provide expert advice and help manage complex financial matters.

· Appoint a Power of Attorney: This legal document can authorize someone to make financial decisions on your loved one’s behalf.

By taking these proactive steps, you can help protect your loved ones’ financial well-being and ensure their peace of mind. Let’s work together to prevent elder financial abuse and empower our seniors to live their golden years with confidence.