The elderly all too often have their life's savings depleted by one of their children or other close individual. They often are not aware of the stealing or are afraid to say anything. If others uncover the crime and try to report it, they sadly discover that law enforcement and banks will not intervene. If a stranger uses a elder's debit card to steal money, then it's a crime. If the elders son or daughter uses the debit card to steal money, it's a family matter. That must end. Stealing from the elderly must be treated as a crime regardless if the thief is a stranger, family member, close friend or health aide.

On this petition I have listed new banking procedures to make it very difficult to steal from an elderly person. At the very least, it slows the rate of stealing and makes detection and  identification easier. These procedures are based on how my mother was wiped out and how it could have been prevented.

We the undersigned recognize our elderly citizens are at risk for financial abuse and need protection. The thieves are typically children or other close individuals who can take advantage of the trust and poor health of the elderly victim. The thief may have Power of Attorney. Because the thieves typically have intimate knowledge of the victim, they can easily access online accounts and use financial instruments (checks, debit cards, etc) at will. Because the theft is performed by a family member, banks and law enforcement currently are reluctant or unable to help. We propose banking procedures which will greatly inhibit the ability of an individual to access and use the accounts of an elderly person. These procedures will also help identify possible financial abuse.

It must be understood that:

-Elder financial abuse is a form of identity theft (should be treated as such).
-Elders may not be aware someone is stealing from them.
-Elders may be reluctant to report theft or suspicious financial activities.
-Elders may be reluctant to assist authorities in the apprehension and conviction of the thief.
-Elders may be financially incompetent.
-a Power of Attorney may also be reluctant to report theft or suspicious financial activities
-for both the elderly victim and POA, the fear of retribution from the thief is real (especially if the thief is a drug addict or involved in other criminal behavior).

Unless the elder opts out, the new banking procedures are effective six weeks after the death of a spouse IF the surviving spouse is 65 years of age or older. That gives time for bank notification and a chance for the elder to opt out. The funeral home will notify banks OR banks will discover event from another source, such as the filing of a death certificate.

The new banking procedures are always effective when a surviving spouse (65 or older) appoints a Power of Attorney.
    
    -After Power of Attorney document is signed, the lawyer or notary public WILL send a copy to:

            * US Post office. Elders mail is then re-directed to POA.
            * Credit agencies; to be watchful.
            * Banks in order to implement new procedures.

Opt out procedures (when there is no Power of Attorney):

        -the elder may opt out during the calendar month prior to their 65th   birthday and subsequent birthdays.
        -opt out expires on the elders following birthday. The elder again has a one month window to opt out prior to his/her next birthday.
        -opt out requires meeting with a bank representative.
        -elder can opt back in at any time without meeting a bank representative.
        -elder NOT permitted to opt out if a Power of Attorney is appointed.

Bank procedures to be implemented are (if elder does not opt out OR they have appointed a Power of Attorney):

1) auto-bill pay can be set up only through a bank representative (not online). The representative must be alert to suspicious activity. The bill to be paid must be in the name of the account holder (elder). If the payment amount changes, the new amount must be furnished to a bank representative. Prevents the thief from paying his/her own bills from the elders account.

2) outside companies/businesses can no longer directly debit bank accounts and credit cards. Elder or POA MUST write a check. Prevents thief from utilizing the elders subscribed services (such as cable TV or EZpass) with those charges being paid by the elder without the elders knowledge and/or consent. Also prevents thief from using the elders account to pay his/her bills. If POA is the thief, leaves a nice paper trail.

3) signature on checks and deposits MUST match a signature on file at the bank or on the Power of Attorney document. Prevents the forging of elders checks and cashing checks made out to the elder. Theft is limited to POA.

4) ATM withdrawals must be limited to either a historical average or set by the elder (perhaps $200 in any seven day period). To withdraw any additional monies shall require meeting a bank representative. Prevents an easy and common method of theft. Will also slow the rate of theft.

5) checks made out to cash are NOT allowed. Prevents an easy and common method of theft.

6) a check from the elders account can NOT be used to pay the bill of another person. Prevents thief from paying his/her own bills from the elders account.

7) credit & debit card purchases must have a signature match. NO use of PIN allowed. Prevents anyone other than the account holder from using the card.

8) the use of a credit/debit card for a purchase utilizing the internet, telephone or mail is NOT permitted (must write a check). Prevents the thief from making a purchase using those cards.

9) when an adult parent (of any age) enters into a real estate transaction with his/her child, a lawyer must inquire as to the wishes (in the will) of the parent. If the lawyer determines the parent wants property divided, then they must structure the deed so that can happen OR the parent should disburse any funds (inheritance) at the time. Prevents the elder from unknowingly giving all their money to the thief through a deed.

-Banks shall provide training to employees as to indicators of financial abuse and reporting.
-Banks must be alert to a sudden and dramatic change in transactions and/or phone inquires.
-Banks should maintain records of all activity on suspect accounts including photos from ATM transactions.
-Police shall have officers specially trained to review any reports of suspected financial abuse.
-if a Power of Attorney has been appointed, he/she MUST make a quarterly report or accounting of transactions to a third party (lawyer, accountant or bank). The third party may require more frequent reports. The POA must keep receipts for all purchases, even cash.

ANYONE should be able (perhaps required) to contact authorities if they're suspicious about financial transactions. Law enforcement WILL investigate any reports of suspected financial abuse.

Thank you for reading this. We all hope you will act promptly to protect our elderly citizens from financial abuse.