One of the missions of the President of the Bank of America, Arizona, Benito Almanza, is to offer “financial security [to] all those living in the state.” The Bank of America has served families in Arizona for over a century and as such, has a deep comprehension – and experience in the needs of the community. In particular, the focus is on changes with the elderly, given that Arizona’s retirement population is large and growing, partly due to the fact that according to Klipinger, it is one of the 10 most tax-friendly states for retirees and was in 2016, named the 5th most tax-friendly state.
One issue we have is the protection of senior citizens, most notably against fraud. In particular during the Christmas holiday season, there are increased reports of senior abuse as fraud attempts escalate at this time. Burglars and such like figure more people are out and they are looking for more money and ways to make for a better Christmas, as well as the fact that they suspect more valuables will be in someone’s home. They will thus find ways to get into an elderly person’s house (even if they are there) pretending to be a legitimate official individual. With the elderly more susceptible to memory-orientation issues such as Alzheimer’s, Parkinson’s and the like, these fraudulent con-artists have a greater likelihood of preying on them.
With this in mind, all Bank of America staff are fully trained in identifying potential scams/exploitations in an effort to protect its clients. Thus so, the Bank created a Better Money Habits program with educational tools to bolster seniors’ knowledge on identify protection and the safeguarding of fiscal information.