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You read or hear about it all the time. An elderly widow adds a younger suitor as an authorized user on her money market account. He proceeds to make withdrawals without her knowledge. An elderly man with dementia agrees to pay his nephew as a full time caregiver. The nephew neglects his uncle but demands payments anyway.
Financial services companies are sounding the alarm when it comes to the exploitation of elderly people for their money. A financial services company pilot study on detecting and preventing elder fraud showed that tellers were correct in 7 out of 10 cases when they suspected something was wrong.
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The Financial Services Roundtable announced that its Community Service 2009 (CS09) produced over 77,000 community service projects this year with more than a quarter of them focused on financial literacy. Projects were made possible by the support of 300,000 Roundtable member company employees which helped 9.4 million Americans.
In addition to financial literacy, Roundtable member company employees participated in building homes, school supply drives, sponsoring run/walks and food/clothing drives, among others. (left, First Commonwealth associate with Teach Children to Save participants)
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Steve Bartlett, president and CEO of The Financial Services Roundtable, says the CARD Act is a key step forward in the effort to help protect consumers and safeguard the economy from future financial crises. "The new CARD Act represents a good start in instituting some much-needed pro-consumer reforms. There's no reason that credit card rules cannot be simple, straightforward and fair," Mr. Bartlett wrote.
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