Senior Beat
by Carol Higgins Taylor
Special to The Weekly
An unbalanced check register, a bank statement and a stack of unpaid bills can loss of sleep for some people. Even for those individuals who are usually not flummoxed by the everyday handling of finances, unforeseen mishaps, such as an unrecorded check written in haste or a forgotten bill, can send them into a quandary.
Debit cards are designed for the organized record-keepers. Duplicate checks are designed for those of us who need a record of the written check so later, when an attempt finally is made to balance the register, a momentary memory lapse doesn’t result in a snippy bank notice reporting an overdraft.
It’s a lot to keep track of and times are changing, what with the advent of online banking and automatic debit services. Eastern Area Agency on Aging has a program to help.
“The Money Minders program helps seniors and adults with disabilities organize their bills, balance their checkbooks and pay bills on a regular basis,” said Catherine Forker, Money Minders program coordinator. “This program can help these individuals stay independent and in control of their finances and retain their privacy.”
Some of those who may be helped by this program are:
• People who have vision problems or who have difficulty writing checks because
their hand shakes badly due to Parkinson’s, etc.
• Someone with mild memory loss who can’t remember if a bill was paid.
• The senior whose late spouse handled all the finances and now is at a loss. In some cases the bills just pile up because the person becomes overwhelmed.
“This program uses highly trained volunteers, typically with a business or financial background, who have had background checks performed and who are monitored monthly,” said Forker. “The volunteers can meet individuals in their homes or in a safe convenient location. This program also can keep seniors from taking their checkbooks to the bank to be reconciled which happens frequently. And the individual’s bank may be informed that a volunteer is helping the client pay bills and will be participating in monitoring the account for the protection of the client.”
Money Minders keeps clients aware of exactly how much money is flowing into and out of their account. It can give clients a sense of security and relieve their stress because they know their bills are being paid on time and their checkbook is regularly balanced.
“There is also peace of mind knowing that there is someone available to them who they can rely on for assistance as financial issues come up, and who will help them budget and save for future necessary expenses, such as home or car repairs,” said Forker.
There are some key points to remember about this program:
• Persons participating in the program must to be able to physically sign their own checks and have a full understanding of the how Money Minders works.
• Participants are in full control of their accounts at all times.
• Volunteer bill payers do not sign checks for the client and do not have access to the person’s account.
• Participants and volunteers sign a contract of understanding so they each know what to expect for the other.
“There is also an added benefit to the Money Minders program,” said Forker. “The volunteers are trained to watch for things that may be out of the ordinary. For example, a person who suddenly starts subscribing to dozens of magazines, etc. This program can prevent people from being exploited, abused and-or neglected. Those are red flags.”
There is no fee for the Money Minders service but donations are appreciated and help to sustain
the program. Volunteers also are needed to support this important service. For information, call EAAA at 800-432-7812.
Remember, a balanced checkbook can be the best sleep aid.
Carol Higgins Taylor is an advocate for seniors and owns a public relations firm in Bangor. Email her at 4chtaylor@gmail.com.