August 21st is National Senior Citizens Day. Legends Bank explains what signs you should be aware of and what steps to take if you notice an elderly friend or family member may be suffering from senior financial abuse.
Financial abuse of seniors can have devastating consequences. The National Center on Elder Abuse reported that 90% of the offenders are family members or close acquaintances, such as friends, neighbors, or caregivers. As a trusted family member or friend, you must be aware of the financial abuse warning signs and what you should do if you notice a problem.
What are the senior financial abuse warning signs to look for?
- Unusual or large withdrawals from bank accounts
- Checks that are missing or have a suspicious signature
- Large credit card charges that they cannot explain
- Missing property
- An individual who quickly forms a relationship with the older person who then has access to their home, property, or money
- New documents (will or power of attorney) that the older person doesn’t understand
If you notice any of these suspicious signs, there are many ways you can report this abuse.
- Contact your local and state social services agencies. There are offices located in every state to help those elderly victims of financial abuse.
- Contact us if you’re suspicious of an unexplained large withdrawal or purchase from a Legends Bank account or card.
- Call 911 and report it to your local authorities.
When in doubt, talk to your senior relative or friend first. All instances of financial abuse should always be reported, especially if it’s determined that fraud has been involved.
If you’re searching for a local bank that offers personal services, look no further than Legends Bank. We value every person who comes in, and we protect your financial livelihood. Our services are just like the larger commercial banks, but we tailor them to you. We’re Legends Bank… professionals who know what you want and need most and a homegrown financial institution that’s here to stay. Contact us today for all your banking needs.