AccountSmart Tools for Seniors:
Financial exploitation is a very real crime that occurs when a vulnerable person
is deprived of valuable things they own. Financial abusers come from all walks of
life: friends, acquaintances, strangers and even family members. AccountSmart Tools
for Seniors is designed to help individuals avoid becoming victims of financial
Here are the AccountSmart Tools from which you can choose to help limit your exposure
to financial exploitation:
- THIRD-PARTY ONLINE MONITORING. Authorize a third party to monitor your
Third-party monitoring may be added to any account and is especially helpful when
you have a "helper" accessing your account. It allows a third party to watch out
for financial exploitation and see whether the helper is acting in your best interest.
The third party may only view the account and will not have the ability to perform
transactions on your behalf.
Online banking, including email alerts for low balances and recent transactions
Monthly statements ($5 fee per statement)
- AUTOMATIC TRANSFERS. Set up a second individual checking account on
which a helper has access. Automatic transfers can then be set up from your primary
checking account to the second checking account, limiting the amount of money to
which the helper has access.
- POWER OF ATTORNEY. If you can no longer manage or if you need help
with your finances, authorize a helper to have power of attorney, which means the
helper may act on your behalf, including making deposits, writing checks, using
a debit card and using online banking associated with your account. You may choose
to allow the helper to continue acting on your behalf in the event you become incapacitated.
The helper's authorization ends upon your death or if you revoke it earlier.
- AUTOMATIC BILL PAY. If you have trouble remembering to pay bills but
don't want to put someone else in charge of doing this for you, set up automatic
bill pay through online banking. This allows you to schedule one-time or recurring
bill payments to ensure that bills are paid on time.
- FREE BOOK. Receive the comprehensive book Navigating Your Rights: The
Utah Legal Guide for Those 55 and Over by Jilenne Gunther, Legal Services Developer
with the Utah State Division of Aging & Adult Services. While supplies last.
Reduce your risk of financial exploitation. Stay aware, informed and in control
of your finances with AccountSmart Tools for Seniors. For more information, visit
any Bank of American Fork branch or contact us at 1-800-815-BANK.