This section is adapted from an earlier work by Lois Trapp, a former daily money manager in San Francisco. Informal Services A variety of protective interventions are available for older people who are having difficulty managing their finances and who have simple needs. For example, if the only financial transaction which they need to make is paying their bills, a trusted friend, family member, or bill paying service can be employed. Many utilities companies also offer helpful services, including direct payment plans, warning programs to notify customers before turning off services due to non-payment, and payment averaging plans. Direct Deposit People who receive regular income payments can have their checks mailed directly to their banks, credit unions, or savings and loan associations to reduce the risk of checks being stolen, misplaced, or destroyed.
Individual banks have their own procedures and forms for setting up accounts.
Some banks will agree to make arrangements that will restrict access to a person's account. If careful investigation and assessment indicates that abuse has occurred, a variety of interventions can be initiated to recover assets and protect client's from further abuse. Access information regarding the account by visiting the bank with the client. If the client is homebound and hasn't granted anyone power of attorney, have the client sign a release of information form for the bank or arrange a home visit by bank personnel. Close the misused account and have the client open a new account.