Star One Credit Union
Planning Ahead
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Elder Financial Abuse

With the explosion of our elderly population, experts are calling elder financial abuse "the crime of the 21st century." As a result, Star One has joined the fight to protect our aging members.

If you are concerned about the possible elder financial abuse of a friend or loved one, consider the following.
 
  • Suggest that you be added to financial accounts, or ask for access to Online Banking, so that you can monitor your loved one's transactions for fraud. If you notice any suspicious transactions, contact us and other financial institutions immediately, in order to minimize any potential liability.
  • Suggest waiving paper statements and instead, access securely via Online Banking. Waiving receipt of paper statements will eliminate the possibility of mail box theft, one of the common access means used by Identity Theft thieves. Using Online Banking will provide real time access to account transactions and history.
  • Suggest the use of Pay on Death Accounts, Powers of Attorney, Trust Accounts, or other instruments discussed here in our Planning Ahead section.
  • If you are concerned about the diminished capacity of a friend or loved one, be wary of new friends, excessive offers for sweepstakes, and mail, telephone and online scams.

See our Resources page for local and national organizations that you may find helpful. Our Beneficiary/Retiree Services Group is available to assist you with elder financial abuse issues during regular business hours.

Star One is committed to the protection of our members from financial elder abuse. Through awareness and education, we will all be better equipped to face the challenge.
 
Visit the Consumer Financial Protection Bureau for more information on consumer protection.
 
Note: The planning tips and guidelines on these pages are not intended as legal advice, nor to be construed as legal advice. For any legal or tax issues related to your personal situation, you should consult a qualified legal professional or tax advisor.
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