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.
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, Deposit 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:
Phone toll free: 1-800-213-4282
Email: [email protected]
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 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 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 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!
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.
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
- 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.