Dementia and managing money

HarrietD

Staff Member
Staff member
Apr 29, 2014
9,649
0
London
Have you or someone you care for had trouble dealing with your personal finances, whether it's with banking, insurance or building societies?

In two weeks, Alzheimer’s Society is launching its dementia-friendly financial services guide. The guide calls on businesses and organisations in the financial sector to address isolation for people with dementia, take action and better support people affected who use their services.

Our Media team is looking to hear from people affected by dementia who have faced struggles in dealing with their finances. If you'd like to share your experiences or those of someone you care for, please feel free to comment below.

Your experiences will help to show banks and financial services how important it is to become more dementia-friendly.

The deadline is next Wednesday (21 November). If you have any questions, please contact Jack Everett on jack.everett@alzheimers.org.uk

Thanks everyone :)
 

karaokePete

Registered User
Jul 23, 2017
6,534
0
N Ireland
On an occasion when my wife was making a major purchase her bank stopped the payment. The retailer phoned the bank and their security team wanted to ask some questions. I went on the phone first and explained that my wife had dementia and asked that they take this into account when asking their questions. The bank then proceeded to ask their standard questions, that even I would have failed to answer without having my records in front of me. My wife couldn't answer a single question and the purchase was halted.

We had to produce extensive proof of identity at the bank to get the card unfrozen. At the same time I lodged an official complaint, which was essentially ignored by the bank, except to try to recruit me as a customer - they were informed that I would stick hot needles in my eyes sooner than open an account with them.
 

HarrietD

Staff Member
Staff member
Apr 29, 2014
9,649
0
London
Thanks @karaokePete for sharing - I'm really sorry to hear that happened. Things like this are really useful in thinking about why banks and financial services need to be more aware of, and empathetic to, the needs of people with dementia.

If anyone else has any experiences they'd like to be included in the guide, please go ahead. I'll be closing this thread at the end of Wednesday.
 

Helly68

Registered User
Mar 12, 2018
1,685
0
Banks need to understand what POA is and why it is needed.

The battles i have had to get it under way, only to be told "Well, your Mum could always come in".

So frustrating. If they only knew how much I wish she could visit the bank. It is as if high street banks and building societies only have this sort of support grudgingly and about one member of staff in each branch knows what you are actually talking about. At a time when carers are really stretched and stressed, surely more could be done to give retail staff proper training.
 

DeMartin

Registered User
Jul 4, 2017
711
0
Kent
I have deputyship for my mum, I have had to deal with NatWest and Nationwide and had absolutely no problems with either of them. It may have helped that I also have accounts with both of them, so proving my identity ad all ready been done.

I opened a new account for mum at Barclays, to keep deposits within the FICS insurance, still easy, but took an hour!
 

Helly68

Registered User
Mar 12, 2018
1,685
0
I have deputyship for my mum, I have had to deal with NatWest and Nationwide and had absolutely no problems with either of them. It may have helped that I also have accounts with both of them, so proving my identity ad all ready been done.

I opened a new account for mum at Barclays, to keep deposits within the FICS insurance, still easy, but took an hour!
I think it is a branch thing. NatWest have failed, twice to process our POA request, without telling me what the problem is....