Banks and senior transactions.

[Cornelius]

This is going to interesting.

[EXTERNAL LINK] - Opinion: New state law protects seniors from financial predators

 

[adjusterjack]

"Simply put, this new law (which once signed will take effect in July 2024) authorizes certain employees of financial institutions to temporarily suspend or hold a transactions or disbursements involving an older adult’s account if there is reasonable suspicion of financial exploitation. To encourage credit unions and banks to be vigilant in identifying financial exploitation, those who act in good faith when suspending or holding a transaction will be immune from liability that might otherwise come from denying immediate access to an account holder’s money."

What could possibly go wrong with allowing a bank's underpaid and overworked bureaucrat to make this decision with immunity from liability?

 

[Cornelius]

"Simply put, this new law (which once signed will take effect in July 2024) authorizes certain employees of financial institutions to temporarily suspend or hold a transactions or disbursements involving an older adult’s account if there is reasonable suspicion of financial exploitation. To encourage credit unions and banks to be vigilant in identifying financial exploitation, those who act in good faith when suspending or holding a transaction will be immune from liability that might otherwise come from denying immediate access to an account holder’s money."

What could possibly go wrong with allowing a bank's underpaid and overworked bureaucrat to make this decision with immunity from liability?

Especially if the bank employee is unlicensed and having a bank product replaced or maybe see a draft for a FE policy and heard on the radio everyone should only buy term.

 

[DHK]

This... was exactly how Glenn Neasham's woes began.

 

[fed up]

I was caring for my disabled father-in-law and instead of placing him in a nursing home, my wife decided to exercise her POA and liquidate some assets in order to bridge a home sale. Checked with every institution which would be involved and was given the go ahead. Transferred lots of cash to bank for settlement. Bank manager put a hold on the account suspecting senior abuse. Settlement was delayed due to one nosey Nellie.

 

[ValeRosso]

I was caring for my disabled father-in-law and instead of placing him in a nursing home, my wife decided to exercise her POA and liquidate some assets in order to bridge a home sale. Checked with every institution which would be involved and was given the go ahead. Transferred lots of cash to bank for settlement. Bank manager put a hold on the account suspecting senior abuse. Settlement was delayed due to one nosey Nellie.

Guaranteed they missed a whole bunch of actual financial senior abuse.