Safe Banking for Seniors
Elder financial abuse remains a growing problem in the United States. Various studies in the past few years put the range at somewhere between $2.9 billion and as high as $36.5 billion.
Bank employees are trained to notice red flags like unusual recent withdrawals or a new person accompanying older customers to the bank – behaviors that may identify whether or not a customer is vulnerable or currently a victim of financial abuse. In Georgia, bankers and employees of other financial services companies are also required to report suspected financial elder abuse to the Georgia Department of Human Services’ Adult Protective Services division.
This page has resources to help consumers, families and banks to be aware of the warning signs and to take action to protect older people and their money.