Banking Tips for Retirees

Retirement is the perfect time to go over your current banking practices and make any adjustments and updates that make banking safer and more efficient moving forward.

Set Up Online Banking

If you don’t already use online banking, consider doing so. It is convenient and safer than receiving your bank statements and other financial documents in the mail. You can easily manage your accounts, setup security, transfer money, reduce the number of trips you make to the bank and pay your bills online. Mobile banking is very secure and gives you 24/7 access to your money and financial information.

Watch Out for Scams & Fraud

According to The Better Business Bureau older adults lose more than $36 billion to financial fraud every year and this is not just related to online banking, mail fraud is also a problem. Personal documents and checks stolen from mailboxes can lead to financial and identity theft.

Never provide confidential information like account numbers, social security numbers, debit or credit card numbers or PINs over the phone or email. Your bank will not call, text, or email you asking for this information. When in doubt call your bank directly using the phone number found on your bank statement or other official document.

Don’t send or receive checks in the mail and keep your checks in a secure location. If you order checks pick them up at the bank, don’t have them delivered by mail. Have your social security, pension, paychecks, and other payments directly deposited into your account.

Use a strong, unique password for each financial institution and never share your password with anyone. Your bank will never ask you for your password. Enable multifactor authentication on all of your accounts.

Shred personal and sensitive documents before throwing them away.

Check your credit reports often to be sure they are free of errors, inaccurate information on your credit reports can be a sign of fraud or identity theft.

Shop Around

Although it may be inconvenient to switch banks, do shop around to find the best rates and lowest fees on banking products. Your cash should be working for you. Look for a bank that offers free checking and competitive interest rates.

Avoid Promotions

While shopping around for the best bank can be beneficial to your wallet don ’t be tricked by promotional offers, some may be legitimate and worth looking into while others are not.

Instead of promotional offers, look for a bank that has consistently high rates across banking products instead of choosing a bank based on a temporary promotion. If you decide to investigate a promo read the agreement completely to be sure you understand the exact details of the offer.

Update Your Beneficiaries

Review the beneficiaries you have setup on your bank accounts so that your assets are passed on to your designated beneficiaries as intended. Your situation may have changed since you originally setup your beneficiaries, for example a divorce, death of a spouse, remarriage or birth of a child could change how you allocate your assets. It’s not enough that you have a will, because a beneficiary designation will override it.

Review Your Checking & Savings Accounts

Many banks offer special checking and savings accounts for people over 50 that earn a higher interest rate. Check with your bank for any discounts or perks for seniors.