Skip to main content

Elder Financial Care

Caring for older adults

The financial issues can be concerning

Did you know?

  • 10,000 Americans turn 65 each day (according to the Social Security Administration)
  • More than $37 billion is lost each year as a result of the financial exploitation of seniors (according to the Consumer Financial Protection Bureau)
  • Millions of Americans manage money or property for a loved one who is unable to pay bills or make financial decisions
placeholder

How Bank of America can help

Recent studies suggest that financial exploitation — the illegal or improper use of an older adult's funds, property or assets — is the most common form of elder abuse. Here are a few ways you can help guard against financial exploitation:

While these services can help guard against elder abuse, they’re available to all our customers and can be appropriately used for a variety of needs, for example: naming a trusted contact could be important to a member of the armed forces who has been recently deployed, or setting up a joint account might be useful if you’ve recently been married. (If you're a Merrill Lynch or Private Bank client and have questions regarding these services and your accounts, please contact your Advisor for assistance).

Additional resources

We've assembled useful resources that can help you guard against elder abuse, assist in caregiving and help protect against fraud. These include:

> See all additional resources> See all additional resources> See all additional resources

Learn more and see how to set up a trusted contact
placeholder

A trusted contact is an individual age 18 or older who is identified by you as someone we're able to contact about your account for any of the following reasons:

  • To address suspicious financial activity on your account
  • To confirm specifics of your current contact information
  • To confirm your health status
  • To confirm the identity of any legal guardian, executor, trustee or holder of a power of attorneypower of attorneypower of attorney.

A trusted contact is not able to see your balances, gather any information about you, conduct transactions on your behalf or make changes to your account (unlike an account co-owner, who is able to conduct transactions such as deposits and withdrawals).

Designating a trusted contact is easy

Bank of America is the first major bank to allow clients to designate a trusted contact. Simply schedule an appointment to start your request with a financial center associate. Be sure to bring your government-issued photo ID plus contact information (name, address, phone number and email) for the person you want to designate as your trusted contact.

Schedule an appointmentSchedule an appointmentSchedule an appointment

Additional resources about caring for older adults
placeholder

AARP has a website dedicated to family caregiving that includes a wide range of excellent resources, including:

placeholder

Bank of America's Security Center has information about common financial scamscommon financial scamscommon financial scams and helpful resources like our fraud prevention checklistfraud prevention checklistfraud prevention checklist.

placeholder

Better Money Habits has a variety of resources focused on financial matters for seniors and caregiversfinancial matters for seniors and caregiversfinancial matters for seniors and caregivers, for example:

placeholder

Merrill has articles and information about caring for a loved oneinformation about caring for a loved oneinformation about caring for a loved one. They've also published a detailed report on Senior Financial Exploitation: Addressing a Hidden ThreatSenior Financial Exploitation: Addressing a Hidden ThreatSenior Financial Exploitation: Addressing a Hidden Threat (PDF, requires Adobe Reader layerAdobe Reader layerAdobe Reader layer).

placeholder

The Consumer Financial Protection Bureau is a U.S. government agency that makes sure banks, lenders and other financial companies treat you fairly. The Consumer Financial Protection Bureau website layerConsumer Financial Protection Bureau website layerConsumer Financial Protection Bureau website layer has a variety of helpful resources including:

elder abuse resource roadmap financial

The Dept. of Justice website has an Elder Abuse Resource Roadmap layerElder Abuse Resource Roadmap layerElder Abuse Resource Roadmap layer that can help you quickly find the right agency to report abuse that has affected you or someone you know.

placeholder

Need to make changes to an account?

Most account changes require that you schedule an appointment to meet with an associate in one of our financial centers.

Looking for notary services?

Bank of America provides our customers with notary services free of charge in our financial centers nationwide.