A newer version of your browser is available. Older versions may limit your ability to access some of this site's functionality. Citizens Bank recommends upgrading your browser.

Learn More

Download the newest version of Microsoft Internet Explorer

Clear Search

Senior Citizen Banking Tips

Useful security guidelines to create safer banking for senior citizens

As you approach retirement age, you're probably looking to make some changes in the way you manage your finances. Banking for senior citizens often has to accommodate planning for future medical expenses as well as everyday spending. Proper management of your checking account can help you ensure you get as much as you can out of your retirement savings. As you may be on a more structured income, it's also important to step up safety measures when it comes to senior citizen banking. The following tips will help you avoid checking fraud and keep your account more secure.

  • Never provide sensitive information like account numbers, social security numbers, debit or credit card numbers or PINs over the phone or email. (Your bank will not call or email you for this information. If you have any doubt about the identity of the person who is asking you for information, hang up and call your bank directly.)
  • Keep unused checks in a safe place
  • Avoid writing a blank check
  • Review your account statements and balance regularly online or with monthly paper statements. Balancing your checkbook against your monthly statement can help you catch any fraudulent spending if it occurs.
  • Establish a personal relationship with your banker or attorney. If they know you, they may be able to help identify suspicious activity on any of your accounts more quickly.

Consider using a joint checking account for senior citizen banking needs

If one of your children or a trusted family member is currently helping you manage your finances, it may be beneficial to visit your bank together and open a joint checking account or sign a power of attorney to grant them access to your account.

For senior citizens, a joint checking account provides convenience and security, but it also means that both parties are jointly responsible for the account and the funds in it. In this scenario, your chosen advocate will have full access to the funds in the account, including the ability to write checks and draw on the account. They can actively help you manage daily finances, larger purchases and medical expenses. They will also be able to conveniently transfer funds from their account to yours if you need money, or withdraw on your behalf if you are unable to.

As an alternative, if you sign a power of attorney, the person you select will have full access to your funds, but not shared ownership of them. They will also have a legal obligation to act in your best interest at all times. You can use a lawyer to set up a power of attorney agreement if you choose, or you can choose to simply have one signed in front of a notary.

The most important thing you can do when giving someone else access to your funds is choose someone you trust implicitly to do the right thing.

Take advantage of the benefits of online banking

As a senior citizen, a checking account may help you manage your retirement funds more closely. Consider setting up direct deposits and automatic bill payments through online banking. For senior citizens with social security checks, pension checks and veterans benefits, direct deposits mean easy access to these funds with fewer trips to the bank.

Banking becomes simpler and more manageable when you can make automatic payments from the comfort of your own home. With online banking, you can pay medical bills, utilities, credit card bills, and more without mailing checks or worrying about making payments on time. You can even set your account to make payments when you're on vacation. You can also set up automatic transfers into savings accounts or money market accounts to continue to grow your funds during retirement.

Open a minimal fee checking account with Citizens Bank

When exploring senior citizen banking options, you may want to consider an account with minimal fee and activity requirements. Discover a low-fee checking account option from Citizens Bank that supplies you with all the benefits of online banking. For more information on how to open a checking account, speak to a representative at 1-877-360-2472.

Not seeing what you're looking for?

#Json=Label_Lookup|Brand=citizensbank|ApplyToParentElement=|TargetElementType=|TargetElementId=|Key=Personalize your experience.#

May We Suggest

New to Citizens Bank? Here are some of our most requested products and most popular areas of interest.