Monthly limit on spending transactions: what do you think?

[HarrietD]

Santander is working with Alzheimer’s Society to make them a dementia-friendly bank. They want to ensure that they protect vulnerable customers from financial exclusion and loss of independence.

Since 2019, Santander have been finding solutions to some of the most challenging issues so that they can improve the services and products available for people affected by dementia, and improve their colleagues' understanding of dementia.

In November 2021 during a Facebook Live Q&A event, a question was raised around the idea of having a monthly limit on spending transactions for vulnerable customers. This suggestion has been picked up Santander, and they would like to gather feedback from people affected by dementia.

We'd like to ask you some questions to gather your thoughts, insights and experiences about this idea to help us feed back to Santander on how feasible this proposal is.

You can answer these questions in the survey below. Thanks everyone

>Visit the survey<​

 

[Sarasa]

Done that. Mum's branch of Santander were fantastic with her, and my local branch has been really good with various problems I've had moving house, so am pleased they are thinking of how to help people with Dementia. Not sure that the idea they've come up with flies though.

 

[HarrietD]

Thanks @Sarasa, glad to hear that they've been good with your mum and with your house move

All thoughts are welcome!

 

[ryedaledigger]

Hello all, I have Alzheimer's and just turned 72, I agree that a limit of spend is good as long as all the household and food bills are sorted. This has been set up for my wife and I by my daughter so we know what our budget is and this is in cash of which we prefer then each time we spend we know how much is left. By the way we shop in our local town and all our shops except cash. Hope this helps.

 

[fromnz123]

There are other problems besides spending limits.
I did this with my husband, I gave him a card to a bank account I put money in for him to try and manage his spending (online alcohol purchasing, and 10 pairs of shoes, apparently they were on special offer ), I found that he had applied and got a credit card ??‍♀️ I found the evidence in the bin!! I managed to speak to the credit card co, and once I had provided POA they let me put a spending limit on it.
We need a mechanism whereby people with dementia can’t be approved for new credit card applications.

 

[Seloptape]

My mum is 93 and still lives alone with dementia . She was the victim of a telephone scam recently and they managed to get a thousand pounds because she was able to go to the bank and take out the cash . Its then that we realised how vulnerable she was . We immediately asked the bank to put a limit on the amount she can take out in cash and opened another account into which we put a monthly amount . This is for food etc . All her bills and standing orders etc come out of the account into which her pensions are paid . We dont have any banking details in her flat . We stopped all her credit cards and she just has a debit card for her monthly account. Mum used to hide letters that arrived but now she just leaves them for us to deal with . Its a fine line between keeping her safe and still letting her feel she has some control and is able to go out and purchase things even if it is bags and bags of crisps and other random food items !!

 

[Seloptape]

There are other problems besides spending limits.
I did this with my husband, I gave him a card to a bank account I put money in for him to try and manage his spending (online alcohol purchasing, and 10 pairs of shoes, apparently they were on special offer ), I found that he had applied and got a credit card ??‍♀️ I found the evidence in the bin!! I managed to speak to the credit card co, and once I had provided POA they let me put a spending limit on it.
We need a mechanism whereby people with dementia can’t be approved for new credit card applications.

I totally agree with that and the company's can be quite unhelpful when you try and close the account down .

 

[Salopian]

This is a very difficult issue as family don’t usually realise that there is a problem until after it has happened and it’s almost impossible to rectify. My mother used to order huge quantities of frozen food from a luxury supplier which would be left to rot in the garage. Fortunately the supplier was wonderful when we contacted them and from then on called me when mum placed an order and I would modify or cancel it or make sure someone would be there to receive the delivery properly . My mother in law has been a victim of financial abuse by a family member and the building society did not even follow the guidelines they already have in place to protect customers. So it is a genuine issue and suppliers/banks vary in their response.

 

[HarrietD]

Thanks everyone for your thoughts so far, really helpful

 

[Mahonia]

It's a great idea. Mum loves to treat us to coffee or lunch but as my brother took her card away in case people take advantage, shes left without the autonomy to do that. A weekly limit would be helpful and mean her moneys safe.