Aug. 7, 2008

Who Do You Trust With Your Life Savings?

If you are like most Americans, you have worked very hard to save for retirement and feel that the only safe place to put your life savings is in the bank. For the most part, this is a good strategy; however, sometimes even putting money in the bank can be risky.

I recently heard on the news about an elderly woman who had placed her life savings of $400,000 in a savings account with her local bank. Apparently, the woman’s health began to fail and one of the bank’s tellers, who the woman had befriended, began to withdraw money from her savings account.

Somehow authorities were alerted and when they were able to pull the records, they found that the teller had stolen well over $350,000. One would think that the bank should reimburse the customer through its insurance company. It did promise to return the money, but has since refused to do so. Now this elderly woman only has about $50,000 to her name.

I would strongly advise that when you put your money in the bank, you should be very careful about the personal information you give out, especially about health issues, other money you may have, the death of a spouse, etc.

Be on the alert for someone wanting to help with your finances. In the event your health begins to fail, make sure that you have given power of attorney to someone you have known and trusted for some time. If you become suspicious about the behavior of someone at your bank, make sure you alert its security personnel.

It is very hard to save with the economy the way it is, but we should be able to enjoy what we have saved and not have it taken away from us. If you know of someone who may have experienced similar problems, urge them to contact their local police department’s financial crimes unit or a local victim assistance agency. Here’s to a safe savings!

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Past Post

Organic: A Fad or Our New Way of Life? (July 14, 2008)

Summer Safety (July 2, 2008)

We’re Drowning in Gas Prices and Can’t Get Out! (June 23, 2008)

More on Aging Smartly (May 5, 2008)

What Are We Doing to Age Smartly? (April 14, 2008)

What is A Credit Score? (March 24, 2008)

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All About Taxes! (Feb. 18, 2008)

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Shawne Buckner

Board Member

WENDCO Westside Neighborhood Development Corporation

As an outreach specialist, I am responsible for developing a consumer education program, giving public presentations and mediating consumer complaints against businesses regarding the purchase of goods or services. Many of these complaints involve foreign lottery scams, predatory mortgage lending, unauthorized charges on credit cards, mail order and telephone sales, motor vehicle repairs, Internet scams and prize offers. I am member of the Summit County Foreclosure Prevention Partnership Program and Tuff Stuff Committee and a board member of Westside Neighborhood Development Corporation of Akron, where I help to provide leadership in the area of housing and commercial revitalization.

I began my career in consumer protection and education in November 2006; prior to that I worked in the banking/mortgage industry for over 10 years. Born and raised in Akron, Ohio, I graduated from Ellet High School and went on to pursue an education in criminal justice at The University of Akron.

If I had to pick one thing that I love about my job, I would choose the public speaking events that I give to senior citizens. My goal is to educate as many senior citizens as possible about ways to protect themselves from becoming a victim of crime. My speeches to senior groups range from medical health claim scams, free credit reports, work-at-home schemes and home improvement scams, to protecting themselves from purse snatchings, robberies and burglaries.