Elder Financial Abuse – What can I do to stop it?

Contributed by Michelle Bragstad, Chief Compliance Officer

Elder Abuse

Financial abuse occurs when a person’s money or possessions are used without permission or in a fraudulent manner. Doing so can take away or limit an older person’s resources, choices, and options. Indicators that this may be occurring are a sudden inability to pay bills, withdraw money, poor living conditions, or a refusal to spend money without a caregiver’s permission.

Seniors from all walks of life, economic backgrounds, and educational levels are susceptible to elder abuse. It can also lead to isolation. The best way to uncover what is happening is to spend time with them, listening to their stories. Trust is the most critical element. Talking with your elderly friend or relative isn’t prying; it’s showing you care. Providing a friendly listening ear will ensure an older person is less isolated. As you enhance your relationship and talk about their issues, you may even help open the door to a variety of services. All it takes is a little time and a phone call.

At CIBM Bank we are committed to helping protect our customer’s financial well-being. We’re here to help. If you have concerns that you, a friend, or a family member are a victim of elder financial abuse, call us or your local Adult Protective Services hotline.

  • Illinois
  • Bloomington: (309) 662-1839
  • Champaign: (217) 355-0900
  • Danville: (217) 443-6099
  • Monticello: (217) 762-3700
  • Peoria: (309) 690-7017
  • Urbana: (217) 328-7000
  • Wheaton: (630) 634-5130
  • Indiana
  • Clearwater: (317) 542-5700
  • Wisconsin
  • Brookfield: (262) 695-6000
  • Elm Grove: (414) 607-6000

At CIBM Bank we understand your hard work, your commitment and the financial decisions you have to make on daily basis -- whether that be for your business, or buying or maintaining a home, or just your day-to-day financial-related needs. We also understand there are times you just need some help. And that’s what we’re here for. To help makes things a little easier for you, to provide experts who can walk you through the variety of options to best meet your particular needs, and to provide just a little more peace-of-mind. Call us or visit www.cibmbank.com

The information expressed is being provided for informational and educational purposes only. It is not intended to provide specific advice or recommendations for any individual. CIBM Bank does not provide tax, legal, or accounting advice. You should carefully consider your needs and objectives before making any decisions. For specific guidance on how this information should be applied to your situation, you should consult your own tax, legal, and/or accounting advisors before engaging in any transaction.