Difference between revisions of "Older People and the Law"

A '''joint bank account''' is held by two or more people. Any person whose name is on the joint bank account can put money into the bank account and take money out of it.

Sometimes people put their bank account into joint names with a friend or relative so the other person can help with banking, shopping, and taking out cash for spending. But any person named on the account can use all of the funds as their own and take out all the money. This is a downside of joint accounts.

An option to lower the risk is to open a second, smaller bank account. You can ask your bank to regularly move funds from your main account into the second account to pay for what you need each month. You can tell the person who is helping you with banking and shopping that they can withdraw money from this account but not the main account. The main account stays in your name only.

Another option that is safer than a joint account is to set up '''direct deposits'''. You can ask the government to have your pension and other cheques deposited directly into your bank account. You can also ask your bank about setting up automatic bill payments from your account.   

The bank will send you a monthly statement so you know all the activity in your account. There might be a small cost, but many banks have low or no fees for services to older adults.