My parents don’t use online banking. How can I help them set up online financial accounts?
The approach you use will depend on the level of financial caregiving you are providing. If you are just starting to help your parents and they don’t have online accounts because they are worried about cybersecurity, assure them that online banking is safe. (You could provide them with this FDIC guide to safe banking on the Internet.)
Emphasize that being able to check their accounts online whenever they want rather than waiting to get a statement each month actually is a better way to keep tabs on their accounts. And using the Carefull app will provide an added layer of protection because it will monitor their accounts 24/7 for unusual activity.
If you already have been helping your parents with money matters, you will need to be their power of attorney to legally set up online access to their financial accounts. Go with your parents to their bank to notify the bank of your POA status (bring the POA document so the bank can make a copy) and to set up online banking with a username and password of your choice. Then reach out to their credit card issuers to notify them of your POA status. You’ll need to send a copy of the POA document (most likely a notarized copy) to the credit card companies. Once the companies have you on file as your parents’ POA, you can create online accounts for their cards.
Emphasize that being able to check their accounts online whenever they want rather than waiting to get a statement each month actually is a better way to keep tabs on their accounts. And using the Carefull app will provide an added layer of protection because it will monitor their accounts 24/7 for unusual activity.
If you already have been helping your parents with money matters, you will need to be their power of attorney to legally set up online access to their financial accounts. Go with your parents to their bank to notify the bank of your POA status (bring the POA document so the bank can make a copy) and to set up online banking with a username and password of your choice. Then reach out to their credit card issuers to notify them of your POA status. You’ll need to send a copy of the POA document (most likely a notarized copy) to the credit card companies. Once the companies have you on file as your parents’ POA, you can create online accounts for their cards.
Updated on: 18/05/2022
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