Respect Your Elders – Protect Them from Financial Abuse

More and more, instances of Elder Financial Abuse are popping up nationwide. Here's what you can do to help stop it.

Elder Financial Abuse is a Crime
Too many of us have seen someone – family or not – take advantage of an older loved one's finances. When this happens, not only does the older person's retirement income suffer, but it leads to far more serious matters as well, like loss of independence and deterioration of health.

If you have older relatives, or even acquaintances, keep your eyes open: signs of elder financial abuse include fraud, manipulation of assets, excessive use of credit, overbearing influence of a new person in their life – or even outright theft. The possibilities, unfortunately, are endless, so use your best judgment and keep the following in mind when sizing a situation up.

How to Spot It
Look for a sudden shift in the older person's established financial patterns, including:

Out-of-character actions regarding their bank accounts, especially concerning withdrawals. Look for increased activity, unusually large sums or mysterious money movement
Higher frequency of ATM transactions, especially by those who exhibited a previous aversion to them.
Abrupt change of one account to another more complex in nature than the customer has opened in the past.
Withdrawals or transfers they cannot explain.
New “close friends” that begin advising them on money matters or go with them to the bank. This is usually a caretaker, relative or friend on the up-and-up, but don't be fooled, whatever the case. Also watch out for altered wills and trusts, not to mention loss or change in ownership of property.
Sudden insufficient funds.
Bills going unpaid.
The closing of CDs or accounts, especially if there is a large penalty involved.
Uptick in high-dollar wire transactions.
Signs of forgery on checks.
Confusion, fear or lack of awareness concerning their accounts.
Behavior such as no eye contact or refusal to discuss matters.
Sudden dispersion of loans. Same goes for gifts.
Change of address on bank statements when customer has not relocated.
New, suspect powers of attorney granted.

How to Protect Your Future Self

Have a plan. Make sure your assets are protected. Draw up a will so that your wishes will be fulfilled.
Say no when you need to say no. It's your money. It's your choice.
Use common sense on the phone; don't divulge personal information.
Remember that you never pay in advance to win a legitimate sweepstakes or a lottery.
Go slow. Especially in financial matters. Go over the details. Get it in writing. And then get a second opinion.
If you can't comprehend or understand an official document, get with someone who does, like a banker or a lawyer.
Establish a long-term relationship with North Dallas Bank. Get to know us. We'll help look out for you.
Be smart: Employees should never have access to your private financial information, unless you trust them. And even then, think twice.
Always do business with paper (checks and credit cards). Cash doesn't necessarily leave evidence.
Don't stand for threats, even from your own family. If you're being intimidated into financial abuse, take action and contact your bank.
Trust your gut. If something doesn't feel right, it probably isn't.

If you are victimized, take action.

Find someone you trust – in family or at church, for example – to confide in. They'll help, or at least get you some help.
Be proactive. Alert your attorney, the police, North Dallas Bank officer or even your physician – there may be specifics your doctor can help you with legally.
In Texas, call 1-800-252-5400 to report it.

Suspect financial abuse? Do something about it.

Sit down with your elderly family or friend and discuss the matter. Find out exactly what the situation is so you have a better understanding. Is it a “new” friend? Is it a relative? Is it a caretaker? You need to be sure before you take action.
In Texas, call 1-800-252-5400 to report it.
Also call your local police to investigate, especially in the case of fraud.
Contact NDB about the financial abuse. We can help stop it, now and in the future.

If you would like to learn more, please visit the National Committee to Prevent Elder Abuse at preventelderabuse.org