For Immediate Release
TORONTO, October 1, 2013 – The Canadian Bankers Association (CBA) and its 56 member banks join the federal government in celebrating the contributions that seniors make to communities across Canada on this third annual National Seniors Day.
“Banks in Canada celebrate seniors and their experience, dedication, knowledge and vitality,” said Terry Campbell, President of the Canadian Bankers Association. “Seniors are valued bank customers and there is no time like today, National Seniors Day, to recognize their important contributions to Canadian society.”
The CBA continues to support the active work that the Government of Canada is doing to protect the interests of seniors and improve their quality of life. The Government of Canada’s website seniors.gc.ca has great resources for seniors and their families and friends.
Banking for seniors
Seniors are valued customers and banks offer a range of products and services designed to meet their needs. Services can include no-fee or low-fee bank accounts, comfortable and accessible branches, advice to help plan for retirement and to help manage their finances throughout retirement years, and tips and information on protecting hard-earned money from fraud and scams.
Bank branches and websites have information about the banking packages available for seniors. The Financial Consumer Agency of Canada (FCAC) also has information and charts comparing seniors’ accounts which can be found on its website here or by calling toll-free 1-866-461-FCAC (3222).
Protecting seniors from financial abuse
Financial abuse occurs when a trusted individual tries to take control of a senior’s financial affairs for their own benefit. Unfortunately financial abuse is often committed by a trusted person, such as a family member, friend or caregiver who may exploit their relationship to gain access to an individual’s finances or estate.
It is important that seniors recognize the warning signs of financial abuse:
- A trusted person takes an undue interest or involvement in your financial matters.
- Your statements show account withdrawals or transfers you did not do.
- A trusted person suggests you have your bank statements sent to them (or you stop receiving your bank statements).
- A trusted person suggests you make changes to important contracts – your Will, Power of Attorney, trusts, property titles, deeds or mortgages - that you do not want to make or are not in your best interest.
- You feel afraid of, or pressured by, a trusted person.
It is important to recognize these signs of abuse so you can protect yourself or your loved ones from becoming a victim of financial abuse.
Tips on preventing financial abuse
Seniors, you can prevent yourself from becoming a victim by:
- Conducting your own financial transactions and estate matters yourself whenever possible.
- Saying “no” when someone pressures you for money.
- Making sure you understand every document you sign.
- Having pension cheques directly deposited into your bank account and bills directly debited out of your account.
The CBA has more information on its website about how seniors can protect themselves from financial abuse at this link.
To sign up to receive the CBA’s fraud prevention tips by e-mail, please visit www.cba.ca/fraud.
About the Canadian Bankers Association
The Canadian Bankers Association works on behalf of 56 domestic banks, foreign bank subsidiaries and foreign bank branches operating in Canada and their 275,000 employees. The CBA advocates for effective public policies that contribute to a sound, successful banking system that benefits Canadians and Canada's economy. The Association also promotes financial literacy to help Canadians make informed financial decisions and works with banks and law enforcement to help protect customers against financial crime and promote fraud awareness. www.cba.ca.