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Caring for older adults
The financial issues can be concerning
Did you know?
- 10,000 Americans turn 65 each day (according to the Social Security Administration)
- More than $37 billion is lost each year as a result of the financial exploitation of seniors (according to the Consumer Financial Protection Bureau)
- Millions of Americans manage money or property for a loved one who is unable to pay bills or make financial decisions
How Bank of America can help
Recent studies suggest that financial exploitation — the illegal or improper use of an older adult's funds, property or assets — is the most common form of elder abuse. Here are a few ways you can help guard against financial exploitation:
- Immediately report abuse. Monitor accounts regularly. If you become concerned that you or an older family member or friend is being financially abused or is the victim of fraud, you should report suspicious communications or transactionsreport suspicious communications or transactionsreport suspicious communications or transactions immediately. You can also find help in your community by using the Eldercare Locatorlayerfind help in your community by using the Eldercare Locatorlayerfind help in your community by using the Eldercare Locatorlayer, a public service of the U.S. Administration on Aging.
- Create a power of attorney. A power of attorney can permit someone you trust to act on your behalf in financial matters such as filing taxes, selling property, refinancing a mortgage and depositing or cashing checks. Learn more about power of attorney servicesLearn more about power of attorney servicesLearn more about power of attorney services
- Set up a joint account. Plan ahead: While you're still healthy, determine whether you want to add a trusted family member or friend to your account as a co-owner to help manage your finances. See how to add an owner to an accountSee how to add an owner to an accountSee how to add an owner to an account
- Name a trusted contact person. This is another way to help guard against financial exploitation. Bank of America is the first major bank to allow consumer clients to designate a trusted contact — someone we're able to reach out to in order to confirm information and address suspicious activity. Learn more and see how to set up a trusted contactLearn more and see how to set up a trusted contactLearn more and see how to set up a trusted contact
- Use our award-winning mobile and online banking platforms to keep your account safe. We have a suite of digital capabilities that can help you keep your finances more secure, all backed by our Security Guarantee.
- Set up unusual activity alerts
- Go paperless to prevent mail fraud
- Use biometrics to log in on your mobile device
- Lock your card if it is lost or stolen
- Visit the Security Center and talk to your friends and family about how they can help protect themselves from Fraud and Scams
While these services can help guard against elder abuse, they're available to all our customers and can be appropriately used for a variety of needs, for example: naming a trusted contact could be important to a member of the armed forces who has been recently deployed, or setting up a joint account might be useful if you've recently been married. (If you're a Merrill or Private Bank client and have questions regarding these services and your accounts, please contact your Advisor for assistance).
Additional resources
We've assembled useful resources that can help you guard against elder abuse, assist in caregiving and help protect against fraud. These include:
- AARP caregiver care guideslayerAARP caregiver care guideslayerAARP caregiver care guideslayer designed to assist first-time and long-distance caregivers, address common caregiving conflicts and more
- Better Money Habits resources focused on financial matters for seniors and caregiversfinancial matters for seniors and caregiversfinancial matters for seniors and caregivers
- Consumer Financial Protection Bureau information about protecting older adults from fraud and financial exploitationlayerprotecting older adults from fraud and financial exploitationlayerprotecting older adults from fraud and financial exploitationlayer
> See all additional resources> See all additional resources> See all additional resources
Need to make changes to an account?
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Bank of America provides our customers with notary services free of charge in our financial centers nationwide.
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