Skip to main content

First Bank & Trust Company Raises Awareness of Elder Abuse


According to the National Council on Aging, almost 90 percent of the financial abuse committed against older Americans is done by someone they know. More than ever, it is imperative for seniors to select a trustworthy person to properly manage their finances and personal affairs. 

 “Fraudsters often prey on seniors experiencing cognitive decline, limited mobility and other disabilities that require them to rely more heavily on others for help,” stated W. Mark Nelson, President and CEO of First Bank & Trust Company. “Appointing someone you trust to handle your financial matters aids tremendously in the fight against these crimes.”

 In recognition of World Elder Abuse Day on June 15th, First Bank & Trust Company offers seven tips to help choose the right financial caregiver and prevent financial abuse: 

 ·          When delegating financial decisions, make sure it’s someone you trust. If you are unable to facilitate financial transactions, carefully choose a trustworthy person to act as your agent in all financial matters.

 ·          Know who is in your home. Conduct a thorough background check on all individuals you hire for personal care or home care services. Check references and credentials before you let them into your personal space.

 ·          Never sign something you don’t understand. Consult with a financial advisor or attorney before signing any document that appears suspicious or unclear.

 ·          Understand the terms of assigning a Power of Attorney. Granting someone POA gives them the authority to act and make decisions on your behalf, including managing and having access to your bank and other financial accounts. Make sure you fully understand the terms and conditions of consenting a legal agent before you do so.

 ·          Always trust your instincts. Exploiters and abusers are very skilled. They can be very charming and forceful in their efforts to exploit you. Don’t be fooled – if something doesn’t feel right, it may not be.

 ·          Safeguard your personal information. Shred old bills, junk mail, bank statements and other personal documents you no longer need. Leaving unwanted personal documents around the house could lead to the misuse of your information. If you come across keepsake documents opt to store them in a locked cabinet or safe deposit box at your nearest bank.

 ·          Keep personal items out of plain sight. Lock up checkbooks, credit cards and other monetary instruments to prevent unauthorized use.



About First Bank & Trust Company

First Bank & Trust Company, one of the top community banks in the United States, is a diversified financial services firm with office locations in southwest Virginia, northeast Tennessee, and New River and Shenandoah Valleys. Financial objectives are addressed by offering free checking products for personal and business accounts, and assessing lending solutions managed by mortgage, agricultural and commercial lending divisions. Comprehensive financial solutions are available through trust and brokerage service representatives. For more information, visit  www.firstbank.com  or contact Nicole Franks  at nfranks@firstbank.com. 

Popular posts from this blog

A Basic Guide to Mortgage Loans

Q:   What is a Mortgage Loan? A:   A loan for the purchase or refinance of real property, secured by a lien on the property. Mortgage Loan Uses There are two main uses of a mortgage loan:   to purchase a home or refinance a home.   A purchase is straightforward; you borrow the amount of money requested at application, and then pay it back over time.   The mortgage loan can be used to purchase the following: A primary residence (a home you are going to live in). A second home (a home that you will live in part of the year away from your primary residence) An investment property Refinancing is for borrowers that already own a home who want to change or improve their current mortgage loan.   A person can refinance for the following purposes: To get a lower interest rate and/or shorten the term ( term : the time it takes to pay off the mortgage loan). To take cash out of their home for home improvements To take cash out their home to payoff and consolidate other debt
Read more

What You Need to Know Before Applying for a Mortgage Loan

Buying a new home is a big deal. To pay for one, you’ll likely need financial assistance, but the process of applying for a mortgage loan can overwhelm new homeowners. There are many factors involved, all of which will determine what impact a mortgage loan will have on your finances—not to mention your life in general. Here, we’ll go over some of the finer details that you should be aware of before applying for a mortgage. Consider Your Credit Before You Apply For A Mortgage Loan Before you apply, you need to know about credit and how your credit score will work for or against you. In general, your credit is made up of several components, including how much money you have borrowed and paid back in the past, how reliable you are at making payments, and other factors that are important for lenders to consider before considering you for a loan. These factors all go into your credit score, which is a numerical representation of your reputation as a borrower. If your credit scor
Read more

Get A Mortgage Despite Student Loan Debt

Many college grads put off buying a home simply because they face mountains of student debt. The amount people owe on student loans has increased astronomically in the past decade, breaking the $30,000 average per borrower in 2014. While many grads feel they can’t afford a home until they finish repaying these loans, but that isn’t actually always the case. In many instances, individuals and couples who owe student loans can still qualify for a mortgage. Take Stock of Finances & Calculate Your DTI One way lenders calculate whether you can afford a mortgage loan is by looking at how your total debt would compare to your current monthly income. This is known as your debt-to-income (DTI) ratio. Most lenders use a DTI threshold of 36%, meaning your payments on your debt, including student loans, credit card debt, and a mortgage, should be less than 36% of your total monthly income. For instance, if your total income each month is $5000 and you make payments of $250
Read more