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ABA Foundation, AARP Release Infographic on Joint Bank Accounts

Posted on 8/28/2015

The ABA Foundation and AARP have produced an infographic to help seniors understand the risks of joint bank accounts, which are sometimes used to help seniors manage their finances by giving caregivers access to funds.

"Setting up a joint account essentially removes the financial firewall between both parties," said ABA SVP Corey Carlisle. "There are often safer alternatives available that will protect the assets of older customers, as well as those of financial caregivers." These safer alternatives include "view only" accounts, financial powers of attorney and a "payable upon death" notice on the account.

To view the infographic visit: http://www.aba.com/Engagement/Documents/ABAAARPJointAccounts.pdf



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