A real-life example of someone abusing power of attorney.
Peter*, our 81-year-old customer, had an Enduring Power of Attorney in place. Alice*, the Power of Attorney for Peter, attempted to arrange a $50,000 transfer to buy a car and trailer. The invoice was in Alice's name, which our staff questioned and subsequently blocked after they consulted our Financial Crimes department.
Alice then visited another branch with Peter, requesting a $5,000 transfer from Peter to herself, citing reimbursement for trailer and car related costs. Our staff requested invoices, which Alice could not provide. We declined the transaction and documented this in our system.
Peter later visited another branch, requesting a $40,000 transfer to an account with another bank. He said the transfer was to pay bills but seemed unsure about the purpose. Previous notes in our system raised concerns about Alice, noting that she also had an account with this bank.
The branch manager advised against the transfer and offered bill payment assistance instead.
Alice, waiting outside, became annoyed when she learnt that no funds would be transferred and insisted on closing Peter's accounts. Our staff asked Peter if that was what he wanted, and he said no.
Our staff maintained their position, believing the transfers were not in his best interest. They limited Alice's access to Peter’s account on suspicion of financial abuse and referred the case to the police for investigation.
Changing the lives of our customers and communities through financial wellbeing starts with supporting those who are most vulnerable.
Even though Alice had Peter’s authority as an Enduring Power of Attorney, our staff did not simply follow Alice’s instructions when they suspected that she was taking advantage of Peter. Our staff listened to our customer, made detailed notes for each interaction and assessed them before taking actions that they felt would protect him financially.
What is financial abuse?
- Financial abuse is when someone takes away your access to money, manipulates your financial decisions, or uses your money, property, or assets without your knowledge or consent
- Financial abuse often occurs slowly over time and may be difficult to spot. Beyond Bank’s staff are trained to look out for situations where our financially vulnerable customers may be at risk
- Financial abuse can happen to anyone, but older generations are particularly vulnerable. Learn more about elder financial abuse and the warning signs to look out for.
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*Names and likeness in this story have been changed to protect the privacy of those involved.
