Banking and the elderly . excessive fees?

Question

It seems like banks enjoy customers when ythey are young and sharp but the day they become older and make little banking errors the fees come out like a monster. Does any one share this experience

Answer 1

Fees have been going up with inflation.

Age just makes it visible.

Answer 2

Banks will go after anyone who makes errors so that they can collect fees. The do offer many older people perks like free checking and low priced safe deposit boxes to keep their business. Many older folks are very conservative and keep their cash in bank CD's, savings accounts etc. I would hope that if the bank sees a senior consistently making more errors that they would make an appt to talk with them. They could be having some cognitive problems and could use the help of a family member or bookkeeper to help them with their finances. The problem seems to be that the little neighborhood banks that took interest in all their customers have been gobbled up by big banks where you are just an account number. Perhaps moving the older person's money to a smaller credit union would be helpful.
I hope that there's some big banker out there who has some good suggestions since our population is aging quickly.

Answer 3

I don't think that it's just because of being older. I am not that old, and I once had to pay over $300 in bounced check and overdraft fees because the bank bounced a check I deposited (even though the funds were available and the check should have cleared even by my bank's own admission). But anyone who makes "little mistakes" in the form of being overlimit or bouncing checks has to pay those fees, not just older people.