DALEVILLE – All In Credit Union, which has demonstrated its commitment to protecting elderly members from the risk of potential fraud and exploitation, has recently been award the BankSafe Trained Seal from AARP. This designation indicates that All In employees have successfully passed BankSafe training and confirms that the Credit Union has a financial exploitation escalation reporting policy in place.
This recent achievement is part of All In Credit Union’s desire to ensure that seniors are protected and is one reason why the organization instituted an Elder Financial Abuse Prevention Program in 2020 to provide members with an extra level of account security.
Chairman of the Board of Directors for All In Credit Union, Charlie Mingus, stated, “Participating in the BankSafe Initiative helps us to meet our members’ financial needs better and ensures that employees are trained to recognize potential financial exploitation.”
Key components of the BankSafe Initiative are:
• Prevention of financial exploitation
• Empowerment of family caregivers
• Protection for those diagnosed with dementia
• Accessibility to a safe financial environment and helpful asset protection tools
Bobby Michael, President/CEO of All In Credit Union, commented, “Helping our members safeguard their assets is extremely important to us. We are proud to receive this recognition from AARP as we work to minimize the number of elder financial abuse cases through our unique Elder Financial Abuse Prevention Program.”
Statistics reveal that nearly 1 in 10 elderly Americans have been a victim of elder financial abuse with an average cost of $45,000 or more. Such losses are often more when the victim knows the suspect personally. In order to help seniors minimize the risk of becoming a statistic, All In has developed a meaningful solution by allowing elderly members to share the names of trusted individuals who can be alerted any time financial exploitation is suspected.
“Elder Financial Abuse is one of the leading crimes of our time,” commented Tangee Souders, All In Credit Union Vice President of Compliance/Risk Management. “That is why we have dedicated resources to making sure that we are providing every means necessary to help senior adults protect their assets.”
Souders went on to say, “Unfortunately, it is not uncommon for third parties to take advantage of the trust and good will of seniors. In addition, it is more common for those who are elderly to become disabled, impaired and vulnerable to mistreatment by others. For these reasons, we are encouraging members in this situation to take advantage of the extra level of security we provide.”
Any All In Credit Union member wishing to add another layer to their financial protection can do so by completing a form to designate trusted individuals who are authorized to be contacted if there is ever suspicion of financial exploitation. Adding someone as a trusted individual does not add them as a joint owner of an account, does not make them a beneficiary and does not give them account access.