12 clues that a senior's finances may be slipping
By Jay MacDonald • Bankrate.com

Our panel of daily money managers provided 12 clues -- six that may appear on bank statements and six on credit card bills -- that reveal finances might be slipping beyond a senior's control. If you detect fraud, contact local law enforcement immediately.

Checking account flags:

• Multiple sequential checks for the same amount or to the same payee. This could be a sign that a lawn service, handyman or caregiver is taking advantage of a senior's short-term memory loss to submit a few extra bills each month. • Sequence of checks in the register without deposits. Some seniors stop listing deposits in their check register as a way to simplify their bookkeeping. As a result, such monthly credits as Social Security, retirement and military pensions can balloon zero-interest accounts to six or seven figures. Excess money should be transferred to a money market account or CD, where seniors could be earning interest. • Lost or missing checks. At best, lost or missing checks may signal that a senior's bookkeeping is slipping; at worst, they may be a flag that someone else is helping themselves to a check or two. • Unusually large check amount. If a senior, whose highest monthly bill is $50, suddenly writes a whopper, it could be a flag that they've been duped, hustled for the money, or that a caregiver or service provider has tapped the account. • Numerous or monthly NSF or DDA fees. If a senior writes a check in excess of his or her account balance, the bank can slap a nonsufficient funds fee, or NSF, of $25 or more per occurrence to the account, sometimes with a daily maximum. If an account shows no activity for a specified period, often one year, the bank may impose a demand deposit account fee, or DDA, also known as a dormant account fee, of $5 or more on a monthly basis. Alone or in combination, these fees not only indicate that the account holder may be losing financial control, they also can drain an account over time if left unaddressed. The good news is many banks will waive these fees if the cause is age- or health-related. • Bad math. If you try to reconcile a senior's monthly statement and it doesn't even come close, chances are there are cognitive reasons. Some seniors in the early stages of dementia even become confused over how to fill out a check (where to put the amount, date, signature and so forth).

Credit card flags:

• Minimum monthly payments. If a senior has been falling behind by only paying the minimum on high-interest credit cards, it could be a sign of impairment. • Multiple purchases for the same amount. Usually the culprits here are the home shopping networks and pay-per-view channels. Some seniors inadvertently trigger multiple pay-per-view event purchases with their TV's remote control without even knowing it. • Multiple purchases from the same source. If the same payee shows up numerous times in the same monthly statement, or once or twice each month, it could signal that a senior has unwittingly subscribed to a program or service without knowing it. • Unusual monthly volume. A sudden spike in card usage can be a sign that something fraudulent is afoot. If seniors can't explain it, check to see if they have the cards in their possession, and if not, find out who might have borrowed them. Even if they do have the cards, they still may have fallen victim to a skimming scam. • Unlikely purchases. With rare exceptions, octogenarians do not purchase sport utility vehicles, jet skis, XBoxes or ski vacations. If something unlikely appears among their credit card purchases, there's a good chance it was either accidentally ordered or fraud is involved. • Unnecessary fees. With the barrage of promotional programs and opt-in, free-trial offers that flood our mailboxes these days, it's no wonder that many seniors inadvertently wind up paying for months or years of insurance and other card membership programs they really don't need. If you see any recurring credit card fee, question it.

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