Archive for August 2017

7 Tips for Hurricane Preparedness

With hurricane season underway, ABA is encouraging consumers to prepare for hurricane season by assessing their home’s risk and developing emergency plans to protect against a potential storm.

  • Know your risk. FEMA’s map service center will show you the flood risk for your community, which helps determine the type of flood insurance coverage  you will need since standard homeowners insurance doesn’t cover flooding.
  • Assemble an emergency kit. The emergency kit should include first aid supplies, a flashlight, extra batteries, at least three days of non-perishable foods and water, towels and a supply of any necessary medications. Stay informed of the storm’s path and progress by monitoring Wireless Emergency Alerts via text message and having a battery-powered radio or TV available.
  • Develop a family communications plan. Know how you will contact one another; how you will get back together, if separated; and what you will do in different situations. Having a plan can eliminate some of the stress and confusion.
  • Establish an evacuation route. Prior to a storm, contact your local American Red Cross to locate the shelter nearest you or download their Shelter Finder App. Identify the safest route to get there. Be sure to check if your local emergency shelter allows animals and family pets.
  • Secure your home. Outdoor furniture and other objects can pose a potential hazard. Turn off propane tanks and other utilities if instructed to do so by emergency personnel.
  • Protect financial documents.  In the event of a disaster, you will need identification and financial documents to begin the recovery process.  Safeguard important documents in a bank safety deposit box, computer storage devices (USB drive, CD/DVD), and/or waterproof storage containers, including:
  • Personal identification (driver’s licenses, birth certificates, military IDs, passports, etc.)
  • Financial account information (checking, savings, retirement and investment accounts, credit/debit cards).
  • Insurance policies on all personal property, including appraisals and lists and photos of valuable items.
  • Ownership or leasing documentation for homes and vehicles (deeds, titles, registrations, rental agreements, etc.)
  • All health and medical insurance documentation.
  • Know the details of your insurance policy. Talk with your agent to determine if you have adequate coverage or if you need to reassess your plan. This is especially important if your property’s flood map has changed.

The FEMA website, Ready.gov, offers tips on preparing for an emergency. FEMA offers a free app that is available for download through your smart phone. For more resources, visit the FEMA site: http://www.ready.gov/hurricanes.

How to Protect Your Loved One from Financial Abuse

Financial exploitation is one of the most common forms of abuse committed against older Americans. According to a Metlife study, an estimated $2.9 billion is lost annually to scams explicitly targeting seniors.  The American Bankers Association Foundation is urging older Americans and their caregivers to join the fight against financial abuse and take active steps to protect their finances from fraud.

“Older Americans currently hold more than two-thirds of all U.S. deposits, making them highly susceptible to scams, exploitation and abuse,” said Corey Carlisle, ABA Foundation executive director. “It’s critical that seniors and their loved ones recognize the signs of financial abuse before it’s too late and get help immediately if they think they’ve been victimized.”

To help older Americans and their caregivers protect themselves or their loved ones from financial abuse, the ABA Foundation is offering the following tips:

  • Plan ahead to protect your assets and to ensure your wishes are followed. Talk to someone at your financial institution, an attorney, or financial advisor about the best options for you.
  • Carefully choose a trustworthy person to act as your agent in all estate-planning matters. Select someone who has your best interest at heart.
  • Never give personal information, including your Social Security, account number or other financial information to anyone over the phone unless you initiated the call and the other party is trusted.
  • Stay alert to common fraud schemes. Never pay a fee or taxes to collect sweepstakes or lottery “winnings.”
  • Never rush into a financial decision.  Ask for details in writing and consult with a financial advisor or attorney before signing any document you don’t understand.
  • Check references and credentials before hiring anyone. Don’t allow workers to have access to information about your finances and make sure to lock up your checkbook, account statements and other sensitive information when others will be in your home.
  • Pay with checks and credit cards instead of cash to keep a paper trail.
  • You have the right not to be threatened or intimidated. If you believe you are a victim of elder financial abuse, contact your local Adult Protective Services, tell someone at your bank or call your local police for help.

In 2016, ABA Foundation launched its Safe Banking for Seniors campaign to encourage banks all across the country to spread awareness and educate older customers and their families on safe banking practices. To date, more than 650 banks have held financial education seminars for seniors and their financial caregivers on a range of topics, including common scams, how to choose a financial caregiver and safe banking practices.

For more information on ABA Foundation’s Safe Banking for Seniors initiative, visit aba.com/seniors.