Urban Partnership Bank Joins the Effort to Prevent Financial Elder Abuse

To spotlight June 15th "World Elder Abuse Awareness Day" Urban Partnership Bank is offering tips on how to identify and prevent elder financial abuse.

According to the Department of Health and Human Services, seniors throughout the U.S. lose an estimated $2.6 billion or more annually due to elder financial abuse and exploitation.

"Seniors are valued members of our community and it is our responsibility to ensure they live safely and with dignity," explained Daryl Newell, Director, Consumer Banking. "They can steer clear of financial abuse by being alert to the signs and knowing who to turn to for help."

Daryl Newell offers the following tips to our elder consumers:

  • Never give your Social Security number, account numbers or other personal financial information over the phone unless you initiated the call.
  • Don't open e-mails from unknown sources, and beware of any notice claiming you have won a lottery.
  • Shred receipts, bank statements and unused credit card offers before throwing them away.
  • Review your monthly accounts regularly for any unauthorized charges. Report lost or stolen checks immediately.
  • Order copies of your credit report once a year to ensure accuracy.
  • Lock up your checkbook, account statements and other sensitive information when others will be in your home.
  • Do business with companies you know are reputable, or first check their references and credentials. Beware of any home improvement contractor that comes to your door or tries to sell you services over the phone.
  • If a stranger needs to send you payment for something, insist on a check for the exact amount. Never accept a check for more and wire the difference back.
  • Never let someone pressure you into agreeing to loan terms before you've had a chance to review them in writing with a trusted advisor.
  • Report any unusual account inquires that you receive—whether by phone or e-mail—to your banker, who will take measures to protect your account and notify authorities.
  • Carefully choose trustworthy people to act as your agent in all estate-planning matters.
  • Talk to a personal banker at Urban Partnership Bank about any financial needs, concerns or questions, or call Customer Service at 773-420.5050, or visit upbnk.com.

About Urban Partnership Bank:

Urban Partnership Bank is an FDIC-insured, full-service community development bank with $1.3 billion in assets that was established when it acquired the deposits and some of the assets of ShoreBank from the FDIC in August of 2010. Its mission is to make a difference every day: building vibrant urban neighborhoods, promoting economic and environmental sustainability and creating long-term success for its communities and the bank.

Urban Partnership Bank works together with individuals, small businesses, nonprofits, foundations, and faith-based organizations in underserved and distressed urban communities in Chicago, Cleveland, and Detroit to deliver quality financial services that often cannot be obtained elsewhere. It strives to catalyze economic and environmentally sustainable opportunities that build better lives and vibrant neighborhoods, while creating long-term success.

For additional information about Urban Partnership Bank, call (773) 420.5050, or visit www.upbnk.com.