Vulnerable Customers
Geelong Bank understands that in some instances, members may require support if their circumstances change over time. Some members may be going through difficult situations which can leave you feeling vulnerable. This might be grieving a loved one, separating from a partner, financial difficulty, mental health, dealing with addiction, disability or financial abuse.
Elder Abuse
As we get older, some of us may become more dependant on others. This may mean requiring assistance with paying bills, making transfers, online banking and Will arrangements. Unfortunately, it is sometimes the case that we may feel that the person assisting us is not acting or looking after our best interests or are taking advantage of our circumstances for their own personal gain.
Elder abuse in Australia is defined as a single or repeated act, or lack of appropriate action occurring within any relationship where there is an expectation of trust, which causes harm or distress to an older person. (WHO-World Health Organisation).
If you need support, there are External Agencies that may be able to assist you.
Authority to Operate (ATO)
An authority to operate (ATO) refers to permission granted to someone to manage or operate a person’s account. An ATO does not have the same degree of authority as a Power of Attorney (POA). It is crucial to choose someone whom you trust and who will act in your best interests.
- Can Do: Sign withdrawal forms, ask for account information and request statements
- Can’t Do: Close an account, change members mailing or postal address, give authority to another person, request online banking (unless the member expressly authorises it).
Power of Attorney (POA)
A power of attorney is a legal document that allows a person(s) to act on behalf of another in legal, financial or medical matters.
An individual (attorney) can be granted authority to make decisions and take actions on behalf of another person (the principal). This arrangement is particularly useful in instances where the principal may be unavailable, incapacitated or unable to manage their affairs.
- Can do: Stand in the shoes of the member and operate in the best interests of the member. Can do everything that the customer can do in relation to their own account (limits apply)
Download your own copy of the Customer Owned Banking Code of Practice. for more information
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