THIRD-PARTY ONLINE MONITORING
Authorize a third party to monitor your finances through free online banking (including email alerts for low balances and recent transactions) or through printed monthly statements ($5 fee per statement).
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.
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 need help with your finances, you may use a power of attorney to authorize a trusted helper to act on your behalf in specific transactions such as 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 authority ends upon your death or if you revoke it earlier.
AUTOMATIC BILL PAY
For convenience, or 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 help ensure that bills are paid on time.
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This diagram shows one example of how these tools can work together:
Reduce your risk of financial exploitation. Stay aware, informed and in control of your finances with AccountSmart Tools for Seniors. For more information, go to our blog, visit any Bank of American Fork location or contact us at 1-800-815-BANK.