As our parents and loved ones age, we find ourselves increasingly worried about every possible troublesome fall ranging from one day slipping in the bathroom to getting tripped up by the next financial scam that drains them of every dollar.
Just as we need to remove throw rugs that can be a hazard in the home, we must, unfortunately, carefully consider if a loved one is increasingly at risk of losing a large share of their life savings to financial predators.
Michigan’s Financial Exploitation Prevention Act, which took effect last September, requires banks and credit unions to train employees and put procedures in place to spot signs of financial exploitation.
The goal is to make Michigan’s financial institutions better equipped to identify and report financial exploitation of older consumers and vulnerable adults.
Financial institutions also have more room to freeze customer transactions or assets under certain circumstances if fraud is suspected.
One credit union asks questions about financial vulnerability
The Michigan Legacy Credit Union — which has branches in Wyandotte, Warren, Pontiac, Highland and Flat Rock — is now partnering with Wayne State University’s Institute of Gerontology to offer a survey to customers that can help prevent financial abuse.
The survey, which is voluntary, can help give a baseline of someone’s vulnerability and then alert employees at the Wyandotte-based credit union, which has 23,000 members, to be on the look out for potential…
