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Banking and dementia

24 Ideas
112 Votes
35 Comments
41 Participants

Thank you for sharing your challenges, votes and comments. Please note, this activity has now closed but you can still comment on the challenges people have posted below. Keep an eye out on the hub for more information as we progress through our banking and dementia sprint.

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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Idea thumbnail

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
Voting closed
Comments 3
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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.

12 Score
Voting closed
Comments 2
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Stick to appointment times

A woman whose husband has young onset dementia found that he would struggle if the bank staff didn’t stick to their appointment time because he would get agitated quickly. 

2 Score
Voting closed
Comments 0
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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...

14 Score
Voting closed
Comments 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...

7 Score
Voting closed
Comments 3

Banking Problems

I spoke to a carer yesterday, her father (PWD) kept on attempting to withdraw money but forgetting his password. On the fifth time the bank refused to send him a card. The carer (no Power of Attorney) spoke to the bank and they suggested Third Party Mandate, at the time my father agreed. We went to the bank today and my father refused. He is not able to manage day to day affairs and I feel a bit lost. I asked my brother to speak to him and of course he agreed to everything, but I cannot be...

1 Score
Voting closed
Comments 0
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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.

4 Score
Voting closed
Comments 2
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Spotting strange financial decisions early

This challenge is posted on behalf of someone who wishes to remain anonymous: We didn’t realise at first, but when my dad was diagnosed with Dementia, he developed unfounded thoughts which lead him to almost gave all his money. Strange financial decisions can be ‘invisible’ in the early stages of Dementia when not even family would recognise something was wrong, let alone banks. How can we help prevent people from making poor financial decisions in the very early stages of dementia,...

6 Score
Voting closed
Comments 1
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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
Voting closed
Comments 3
Idea thumbnail

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...

8 Score
Voting closed
Comments 6