Grundy Bank recognizes Older Americans Month

Grundy Bank is offering advice to prevent financial exploitation of older adults through social media, the Grundy County Health Department’s 3rd Annual Senior Expo and at it’s Morris and Wilmington branches in recognition of Older Americans Month.

“Seniors are increasingly becoming targets for financial abuse, as their accumulated savings and wealth make them attractive to scammers,” said Kevin Olson, President and CEO of Grundy Bank in a Monday news release.

Bank employees are trained to identify red flags associated with financial abuse, from unusual withdrawals, abrupt changes in will or other financial documents, or unexplained sudden transfer of assets to family members or someone outside the family, according to the news release.

Elder financial abuse, Grundy Bank said, is best combated when bankers and customers work together. Customers are encouraged to keep personal information like social security numbers, account information or personal details private, and not share them over the phone or internet unless the person initiated contact.

Grundy bank said it’s also important to shred important documents, avoid pressure from “advisors”, and keep track of credit reports.

Elders should also avoid rushing into any financial decision.