Information for Seniors

VersaBank recognizes the importance of supporting the needs of seniors when providing financial services. Our team is committed to helping protect seniors from financial abuse, fraud and scams and to providing a positive and safe banking experience.

Code of Conduct for the Delivery of Banking Services to Seniors

In July 2019, the Canadian Bankers Association released a new code of conduct called the Code of Conduct for the Delivery of Banking Services to Seniors (the Code).

The Code recognizes that Canadians are living longer and that seniors are a diverse group with varying needs. The Code sets out principles that apply to banks to guide them when they deliver banking products and services to Canada’s seniors.

As a member of the Canadian Bankers Association, VersaBank adheres to the Code.

VersaBank Annual Report

For more details about the Code and to read about the actions VersaBank has taken to support the principles set out in the Code, see our Annual Report.

VersaBank Seniors Champion

VersaBank is committed to supporting seniors and promoting seniors’ interests.

We have designated Lisa Southam our Manager, Agent/Broker Services to be our Seniors Champion.

If you have any questions or if we can help explain things to you, please contact our Seniors Champion:
Lisa Southam
Phone toll free: 1-800-213-4282
Email: [email protected]

Accessibility Services for Seniors

At VersaBank we strive to create an accessible environment and experience for our clients. Meeting our seniors’ unique needs is a top priority.

We are committed to meeting the accessibility needs of our senior Clients in a variety of ways, including:

A user-friendly website with clear and simple language and straightforward navigation.
Resource materials and helpful links consolidated under a single easy to locate webpage.
Bilingual services, client support available in both English and French.
Duplicate and large print statements available upon request.
Conversations with accessibility experts can be arranged.
Providing quiet spaces where we can communicate privately with seniors.

We are happy to assist and readily available please contact our Seniors Champion listed above.

Powers of Attorney and Joint Deposit Accounts

Powers of Attorney and joint accounts play an important part of financial planning; however, it is important to understand how they work prior to making changes to your financial accounts.

A Power of Attorney is a legal document you sign to appoint another person or people to act in your name and on your behalf. With a Power of Attorney, you control how many activities that individual can manage such as making a deposit on your behalf, paying your bills or the full administration of your financial affairs. Powers of Attorney can be complex. Therefore, when considering signing a Power of Attorney you should consult a legal expert to ensure it meets your needs.

Joint deposit accounts can ensure that you and your joint owners share equal access to and responsibility for all your banking transactions to an account. If you are considering this option, it is important for you to fully understand the rules of joint ownership. For information regarding VersaBank deposit products and joint accounts refer to our terms and conditions.

You can learn more about Powers of Attorney and joint accounts by accessing the following links:

CBA Commitment on Powers of Attorney and Joint Deposits Accounts
Government of Canada’s website information on Powers of Attorney and Joint Bank Accounts.

Fraud Protection for Seniors

Learn to identify and protect yourself from some common types of financial scams, including identity fraud, telemarketing and romance scams.

Identity Fraud

Identity Fraud is when someone uses your own personal information without your knowledge or consent. It is important to always be careful when sharing your personal information.

Never share your passwords or Personal identification Numbers (PINs). VersaBank will never call and ask for your passwords or PINs!

Telemarketing Scams

Telemarketing Scams are clever and may trick anyone who answers the phone into giving out personal information.

The caller may tell you that they are employed by a bank, the Canada Revenue Agency, or even pose as a family member that’s in an emergency and needs money. It is important not to take the bait. Never give out your personal or banking information over the phone to someone you don’t know. Do not be pressured by time sensitive requests. If you answer a suspicious sounding call, hang up!

Romance Scams

Romance Scams occur when a fraudster develops an online romantic relationship with you. Once they think you have fallen for their spiel, they tell you they are in trouble and need money. Learn how to protect yourself from these criminals. Always be wary of an online love interest that asks you for money!

Emergency Scams

Emergency scams, including variations called “grandparent scams”, use urgency and the manipulation of emotions to extort money from victims. In these scams, fraudsters cold call seniors, on landline phones, claiming to be a grandchild, family member, law enforcement officer or lawyer calling on behalf of their loved one. They’ll say that the person’s loved one was involved in an emergency situation, such as a collision, charged by law enforcement, legal peril, being sick or injured, etc. They demand the senior provide payment immediately for supposed bail, legal fees, fines or other amounts “owed” to stop the family member from going to jail or to get them released from custody. This is a scam.

The fraudsters isolate the victims by informing them that there is a court-imposed gag order, and they’re forbidden from discussing the matter. The victims are directed to attend their financial institution to withdraw the requested amount in cash. The fraudsters will then send someone to pick it up from the victim’s home or have the victim send the money via courier services. There have also been reports of victims paying with cryptocurrency

Victim of fraud? What to do.

Contact your financial institutions immediately
Advise credit agencies
Update your Personal Identification Numbers (PINs) and Security Passcodes
Contact your local law enforcement authority

To learn more about fraud or report a fraud contact the Canadian Anti-Fraud Centre.

If you think you may be a victim of fraud or financial abuse, report it. Get in touch with us right away we are here to help.
Seniors Champion
Lisa Southam
Phone toll free: 1-800-213-4282
Email: [email protected]

Alternatively you can reach us through this website on our Contact page or Email [email protected]

Financial Abuse

Financial abuse is a common form of senior abuse in Canada. Financial abuse is the illegal or unauthorized use of someone else’s money or property. Protect yourself from financial abuse by remembering that your money and property belong to you.

Example of financial abuse include pressuring, forcing or tricking individuals to:

Lending or giving away money, property or possessions
Selling or moving from your home
Making or changing your will or Power of Attorney
Signing legal or financial documents that you do not fully understand
Working for little or no money
Making purchases not needed or wanted
Providing food and shelter to others without being compensated

Protect yourself:

Keep financial and personal information in a safe place
Ask for help if you think you are being abused
For major decisions seek legal advice
Keep records of money you gift or loan
Be cautious when opening a joint bank accounts and authorizing a Power of Attorney

Learn more about financial abuse.