Reconciling Bank Statements - How it Can Help Your Elderly Parent
Reconciling bank statements can become challenging as we age. You can prevent overdrafts by helping your elderly parent reconcile their bank statement. In the process, you can watch for unusual spending that could indicate cognitive impairment or financial exploitation.
Noticing Financial Exploitation
The Consumer Financial Protection Bureau (CFPB) has issued guidelines for managing someone else’s money. In their guide “Help for Agents Under a Power of Attorney”, the Bureau suggests you watch for these sudden changes in spending or savings, which are common signs of financial exploitation:
- Takes out lots of money out of the the bank or takes out a loan without explanation
- Tries to wire large amounts of money
- Uses the ATM a lot
- Is not able to pay bills that are usually paid
- Buys things or services that don’t seem necessary
- Puts names on bank or other accounts that you do not recognize or that he/she is unwilling or unable to explain
- Does not get bank statements or bills
- Makes new or unusual gifts to family or others, such as a “new best friend”
- Changes beneficiaries of a will, life insurance, or retirement funds
- Has a caregiver, friend, or relative who suddenly begins handling her money
Noticing Cognitive Decline
If you notice that your elderly parent is having more trouble reconciling their bank statement or managing their money, help them consult with their doctor to determine the cause and appropriate treatment.
How Care is There Can Help
If you live in a different geographic area than your loved one or if you or your loved one are reluctant for you to be involved with their bank statement, Care is There can help. We can:
- Reconcile bank statements
- Ensure checkbook shows the correct balance (which helps to prevent overdrafts)
- Research questionable withdrawals
- Notice decline in the ability to effectively manage money
- Be vigilant for signs of financial exploitation
- Help pay bills and perform other money management services, with valuable segregation of duties between handling funds and reconciling accounts
Resources:
Next Steps
Contact Care is There today for a free consultation!
Charlottesville Area: 434.326.5323
Shenandoah Valley: 540. 246.0211
Toll Free: 800.434.1633
Email: Info@CareisThere.com