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• W26471853 abstract "How would your front-line staff react to these situations? * Mrs. C walks into your bank for second time in six hours. She wants to make another large withdrawal from her savings account. The first withdrawal was $500. This time she wants triple that amount. Mrs. C, a widow, says money is needed for payment to a contractor for some work being done on her driveway. She confides to teller that she doesn't see why she needs money or work done, driveway looked fine to her. * Mr. Q walks in with his new sweetheart, a very young woman by name of Tara. He's about to give Tara power of attorney for all his accounts. Mr. Q is slightly confused and mistakes power of attorney for something else. Tara corrects him and immediately does majority of talking. These scenarios and others like them occur every day. Elderly persons fall prey to individuals who have ulterior motives. The ease of crime In this computerized age, fraudsters are becoming more cunning. In New York City, for example, there is no regulated statute for power of attorney. So a fraudster can go online or even to nearby stationary store and pick up a template for power of attorney with ease. Too often, victim doesn't know that they have lost all power of their assets until it is too late. Fraudsters come in many forms--relatives, crooked contracters, even occasional financial services employee. Bryan A. McKenna, an attorney with New York City-based Jacob, Medinger & Finnegan, LLP, in late-January testimony before Committee on Aging of Council of City of New York, told story of Mrs. L. Her investment broker came to hospital bedside of 76-year-old widow to discuss her retirement accounts. The broker talked Mrs. L into moving her money into better-performing products. Shortly after she was released, broker came to Mrs. L's home and drove her to a well-known predatory lender. She signed papers, which she believed were allowing her broker to receive her checks and take care of all her bills. Mrs. L never saw her money again and never knew broker took out a loan and mortgaged her home. The broker only made a couple payments before he exhausted principal while churning account. Meanwhile, Mrs. L was receiving late-payment notices and found herself in a foreclosure action. McKenna is now working pro bono to make restitution on Mrs. L's behalf. Who's responsible? During committee hearing, there was much pointing of fingers. A representative of New York Department of Aging felt that banking industry should be responsible being that they are the gatekeepers of financial information. One of committee members shot this notion down, however, noting regulatory burden that banks already have, a view many bankers and bank associations would agree with. Though many bankers want to help with problem, they don't want to be placed in position of being police. They particularly object to mandatory reporting requirements, which a few states have and others are considering. Any type of reporting can conflict with various privacy statutes. Some advocates are calling for national legislation to ensure protection of all kinds of abuse against elderly. Bankers point out that mandatory reporting is problematical because judgments involved are so subjective, although some states have amended their state codes to protect those who report suspected abuse in good faith. The following is what some states have done or are considering doing concerning subject: Oregon: bank immunity According to Linda Wilhems Navarro, vice-president and chief operating officer of Oregon Bankers Association, an Oregon law passed in 1995 that protects banks from liability when reporting suspected financial abuse of elderly. Though law provides banks immunity, it is not a mandatory reporting law. …" @default.
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• W26471853 date "2005-03-01" @default.
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• W26471853 title "Protecting Your Elder Customers" @default.
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