Elder Financial Care

As you or the people you care about grow older, you may be concerned about yourself or your loved one's ability to manage finances independently. These tools may help:

1. Steps you can take to protect yourself and your loved ones by identifying key people. A caregiving designation is more often reactive than proactive.
   • Designate beneficiaries and payable upon death (POD) — A POD account is payable on your death (or the death of the last surviving co-owner) to one or more payees named in the title of the account. In order to add, remove or update a POD beneficiary on your Bank of America account, visit account changes select Personal, then select add, remove or update a POD on the account. You can complete this on the beneficiary self-service pages or schedule an appointment
   • Name a trusted contact person. This is another way to help guard against financial exploitation. Bank of America is the first major bank to allow consumer clients to designate a trusted contact — someone we're able to reach out to in order to confirm information and address suspicious activity. Learn more and see how to set up a trusted contactLearn more and see how to set up a trusted contactLearn more and see how to set up a trusted contact
   • Create a power of attorney. A power of attorney can permit someone you trust to act on your behalf in financial matters such as filing taxes, selling property, refinancing a mortgage and depositing or cashing checks. Learn more about power of attorney servicesLearn more about power of attorney servicesLearn more about power of attorney services
   • Set up a joint account. Plan ahead: While you're still healthy, determine whether you want to add a trusted family member or friend to your account as a co-owner to help manage your finances. Learn more about joint bank accounts and changing account ownership
   
   
2. Bank of America has a variety of resources on Better Money Habits and Merrill focused on financial matters for seniors and caregivers.
   • Managing your parents' financesManaging your parents' financesManaging your parents' finances
   • Coping with the cost of caregivingCoping with the cost of caregivingCoping with the cost of caregiving
   • Estate Planning ChecklistEstate Planning ChecklistEstate Planning Checklist
   • The Caregiver's Financial GuideThe Caregiver's Financial GuideThe Caregiver's Financial Guide
   • Caring for aging parentsCaring for aging parentsCaring for aging parents
   
   
3. Visit Bank of America Security Center to get tips on protecting you and your family from fraud.
   • Keep your accounts and information safe. Visit our fraud prevention page for more information.
   • Take steps to protect yourself with our Fraud Prevention Checklist
   • Learn more about trending scams
   • Report suspicious activity with tools to help you immediately report fraud
   • Read our Caregiving Resource Guide to learn more about senior financial exploitation and steps you can take to help protect you and your loved ones

These services are available to all our customers and can be appropriately used for a variety of needs, for example: naming a trusted contact could be important to a member of the armed forces who has been recently deployed, or setting up a joint account might be useful if you've recently been married. (If you're a Merrill or Private Bank client and have questions regarding these services and your accounts, please contact your Advisor for assistance).

Additional resources

We've assembled useful resources that can help you guard against elder abuse, assist in caregiving and help protect against fraud. These include:

• AARP caregiver care guides layerAARP caregiver care guides layerAARP caregiver care guides layer designed to assist first-time and long-distance caregivers, address common caregiving conflicts and more
• Consumer Financial Protection Bureau information about protecting older adults from fraud and financial exploitation layerprotecting older adults from fraud and financial exploitation layerprotecting older adults from fraud and financial exploitation layer

A trusted contact is an individual age 18 or older who is identified by you as someone we're able to contact about your account for any of the following reasons:

• To address suspicious financial activity on your account
• To confirm specifics of your current contact information
• To confirm your health status
• To confirm the identity of any legal guardian, executor, trustee or holder of a power of attorneypower of attorneypower of attorney .

A trusted contact is not able to see your balances, gather any information about you, conduct transactions on your behalf or make changes to your account (unlike an account co-owner, who is able to conduct transactions such as deposits and withdrawals).

Designating a trusted contact is easy

Bank of America is the first major bank to allow clients to designate a trusted contact. Simply schedule an appointment to start your request with a financial center associate. Be sure to bring your government-issued photo ID plus contact information (name, address, phone number and email) for the person you want to designate as your trusted contact.

Need to make changes to an account?

Most account changes require that you schedule an appointment to meet with an associate in one of our financial centers.

Looking for notary services?

Bank of America provides our customers with notary services free of charge in our financial centers nationwide.

Estate services

Losing someone can be stressful. Navigating their financial affairs doesn't have to be.

Explore estate services

Medallion signature guarantee

Needed for many securities transfers. Provided free of charge to our clients.

Explore medallion services

Elder financial care

We can assist you with the unique needs of financially caring for aging parents and loved ones.

Explore elder financial care

Notary services

Available in our financial centers — at no cost to our customers.

Explore notary services

Account changes

In order to update your account, you'll typically need to bring documents to an appointment in a financial center.

See what's needed for account updates

Power of attorney

We can help you add someone to your account so they can handle your finances on your behalf.

Explore power of attorney services

Important Disclosures and Information

Investing in securities involves risks, and there is always the potential of losing money when you invest in securities. You should review any planned financial transactions that may have tax or legal implications with your personal tax or legal advisor.

Securities products are provided by Merrill Lynch, Pierce, Fenner & Smith Incorporated (also referred to as "MLPF&S", or "Merrill"), a registered broker-dealer, registered investment adviser, Member SIPC layer , and a wholly-owned subsidiary of Bank of America Corporation. MLPF&S makes available certain investment products sponsored, managed, distributed or provided by companies that are affiliates of Bank of America Corporation.

Bank of America Private Bank is a division of Bank of America, N.A., Member FDIC and a wholly owned subsidiary of Bank of America Corporation. Trust and fiduciary services are provided by Bank of America, N.A. and U.S. Trust Company of Delaware. Both are indirect subsidiaries of Bank of America Corporation.

Insurance Products are offered through Merrill Lynch Life Agency Inc. (MLLA), Bank of America, N.A. and/or Bank of America Insurance Services, Inc., all of which are licensed insurance agencies and wholly-owned subsidiaries of Bank of America Corporation.

Banking, credit card, automobile loans, mortgage and home equity products are provided by Bank of America, N.A. and affiliated banks, Members FDIC and wholly owned subsidiaries of Bank of America Corporation. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice.

Investment and insurance products:

• Are not FDIC insured
• Are not bank guaranteed
• May lose value
• Are not deposits
• Are not insured by any federal government agency
• Are not a condition to any banking service or activity

Banking, mortgage and home equity products are provided by Bank of America, N.A., and affiliated banks, Members FDIC and wholly owned subsidiaries of Bank of America Corporation. Bank of America, N.A. Equal Housing Lender new window . Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice.