Alzheimer's Society Innovation Hub

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Banking and dementia

11 Ideas
54 Votes
22 Comments
26 Subscribers

We want to hear about any difficulties you or others affected by dementia are having when it comes to banking.

We know that people are facing challenges on a daily basis and probably more now than ever since the coronavirus pandemic has changed how we carry out some of our routine activities, including visits to the bank, using telephone and online banking and other banking services.

With your experiences and the support of our partner Santander, together we can highlight these challenges and take forward the ones that receive the most votes for our team to investigate further. Together we will develop a solution to tackle one or more of the challenges to improve the experience of banking for people affected by dementia.

Scroll down to post challenges that people affected by dementia are facing when it comes to banking. You can also comment on other people's suggestions and vote on which ones are most important to you.

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  1. R Mair
    R Mair
    88 pts
  2. Jennifer Bute
    Jennifer Bute
    60 pts
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    Lynne Hart
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    Celia Imogen
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Preventing scams and fraud

My brother has MS and is severely physically disabled. His mind is now affected and he is showing signs of dementia. He lives alone and is vunerable to scam phone calls. I have power of attorney and I am trying to help him with his finances. I would like to take over managing his finances to prevent him being scammed, but he would still need to be able to spend some money on shopping. How can I organise this? 

2 Score
2
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All National Institutions

As Power of Attorney for both my parents, there has been not one major company - HMRC, British Gas, Banks etc - who have made it easy to register the PofA with them.   Rarely is it mentioned on their websites, so it then involves a phone call and usually the call centre have no idea of what you are talking about.   It has been a nightmare.    Once you get hold of the correct department, it is a 'fairly' simple procedure, but it is getting hold of the correct department or finding information...

4 Score
3
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A few ideas which may help...

As a retired bank employee I have had much experience with elderly and vulnerable customers. A few things from my experience : - ask for a signature card in place of a chip and PIN card to reduce security risk. - obtain Power of Attorney as soon as possible - many people leave it too late & dealing wìth Court of Protection is something you want to avoid. - if you have joint finances and have never been involved, get up to speed with things. Too often this is another burden on top...

4 Score
2
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Bank identification procedures

I help with my mother's finances and have Power of Attorney (POA) but as part of the identification procedure on telephone banking am asked questions about transactions on the account which I may not know about at that point. My mum has no chance at getting this right. You only get one chance to answer so sometimes I fail security & the call ends and I have another long wait to get through to the bank again. This seems to be a practice which many banks operate.  Can we have a better...

2 Score
3
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Develop fingerprint/iris technology

With the difficulty of remembering passwords and pins ; can  fingerprint/iris technology be developed to identify account holders and therefore assist those living with dementia/ learning disability.

2 Score
1
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Permission to Access

I'd like to share with you an issue my aunt had/has with the bank and my uncles dementia. All the household bills etc come out of my uncles account and have done since they were married in 1957. At first the dementia was not an issue as my uncle still had the capacity to understand and agree for my aunt to discuss finances with the bank. My uncle is at now at that stage where he has some lucid moments, some moments where he can act lucid and able to make a decision although he cannot...

3 Score
2
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Visits to Bank

people with dementia report they usually use banking services by visiting in person. Obviously this is very difficult in lockdown and during tier restrictions. They report they value the help and support of staff. Many of these people are high risk category and could a time slot be allocated so they can visit as priority customers. Also, not first thing in morning as it too early with carer visits etc.

7 Score
2
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customer advisers are ace at resolving your problem

I have alzheimers/dementia and am developing some  problems with banking. My bank is ultra security conscious- which for me, is both a blessing and an anxiety. I know that keeping the same passwords is a great help to scammers, but having to keep on top of changed personal details as well as changed passwords can confuse me, when I refer to the wrong page in my little book. Fortunately, at present, I am still good at speaking on the telephone to  a customer service adviser when I have got...

5 Score
2
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Concerns about using the cash machine

This challenge is based on experiences we have heard: I’ve found it worrying supporting my dad where his finances are concerned. My dad has always gone into the bank to draw his money out, but since coronavirus struck, my dad is weary of going into places for fear of catching it. So he now uses a cash machine local to him rather than travelling further away to go into a bank. The problem is I know he tends to use the cash machine when he goes out for some food shopping, which is...

7 Score
2
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Scams! Are vulnerable people being scammed without banks knowing or being unable to stop transactions?

We have heard from some carers about their loved ones investing money in scams, on these occasions many months or even a year before any diagnosis of dementia. In these cases the carers were not aware of their spouses investments, some were made through their family run business accounts and resulted in losing tens of thousands of pounds. The carers were aware of their loved ones having some mild cognitive issues at the time, but hadn’t felt they were ready or able to seek help and didn’t...

10 Score
1