Keeping your money safe

What you need to know

As you age, some people, such as family members, telemarketers, or con-artists may try to take advantage of you and your money.

What can you do?

  • Arrange direct deposit for your cheques into your own bank account.
  • Talk to your bank manager about changing your accounts so only you have access to them.
  • Speak to your bank manager by yourself, that is, in the absence of your power of attorney, to make sure the bank is aware of your desires and following your directions.
  • Set up automatic payments for your bills.
  • Keep your PIN number safe DO NOT share with anyone.
  • Keep track of all transactions and regularly review bank statements and finicial records, even if you have a Power of Attorney doing this for you.
  • Consult your own lawyer to draft a Power of Attorney document and a Will.
  • Choose people you trust to make decisions about your money.
  • Before you sign any document, make sure you fully understand it or wait until you have someone you trust review it.
  • Lend money only if you want to and always have assigned plan for repayment, even for family members.
  • If anyone is taking advantage of you and your money-TELL SOMEONE.
  • Be aware of your rights

Where to Get Help

  • Speak to clergy, your family physician, a community agency, staff at the seniors’ centre or your local elder abuse network .
  • Call the police, OPP.  Many regions have officiers who specialize in working with seniors.