Canadian Bankers Association

Canadian Bankers Association

September 29, 2011 14:57 ET

Canadian Bankers Association Recognizes Canada's Seniors on First Annual National Seniors Day

TORONTO, ONTARIO--(Marketwire - Sept. 29, 2011) - As Canada marks its first annual National Seniors Day on October 1st, the Canadian Bankers Association (CBA) and banks in Canada join the federal government in celebrating the contributions that seniors have made and continue to make to Canadian society.

"Canadian communities and families rely on seniors and their dedication, experience, energy and breadth of knowledge," said Terry Campbell, President of the Canadian Bankers Association. "And we salute our seniors as they continue to break new ground: anything from starting companies to running marathons."

Seniors are also valued customers and banks are working hard to offer a range of products and services designed to meet their specific needs – everything from no-fee bank accounts, comfortable and accessible branches and advice to help plan for retirement and protect hard-earned money from fraudsters.

Banking for seniors

Banks across Canada offer a number of bank account packages designed specifically for seniors, with both low-fee or no-fee accounts available. Many of these packages offer regular transactions such as withdrawals, deposits, bill payments and cheque-writing privileges, and some also have more specialized services such as no-fee money orders, certified cheques and discounts on safety deposit box rentals.

Bank branches and websites have information about what packages are available for seniors and the Financial Consumer Agency of Canada (FCAC) also has information and charts comparing seniors' accounts. The FCAC's charts comparing seniors' account can be found on its website here or by calling toll-free 1-866-461-FCAC (3222).

Planning for retirement and making the money last

Whether seniors are saving for retirement or have already retired and want to effectively manage their money, banks offer financial advice and savings and investing plans that can help. Banks can provide financial planning, investment and taxation advice to help seniors develop good retirement plans as well as retirement savings products such as Registered Retirement Savings Plans (RRSPs), Registered Retirement Income Funds (RRIFs) and Tax Free Savings Accounts (TFSAs).

Canada's banks are also working with the federal government to help create pooled registered pension plans (PRPPs) which will improve the range of retirement savings options available to Canadians who do not currently have a pension plan at work, including the self-employed and employees of small businesses.

Protecting seniors from fraud and financial abuse

Sometimes it may be useful for a senior to have a family member or other caregiver help with their financial affairs. A joint account, power of attorney or other arrangement can allow a trusted third party to help manage a senior's financial affairs; however, such tools should always be used in the primary account holder's best interest.

Financial abuse occurs when a trusted individual tries to take control of a senior's financial affairs for their own benefit. Sadly financial abuse is often perpetrated by a trusted person, such as a family member or friend who may exploit their relationship to gain access to an individual's finances or estate. To avoid such situations, seniors should make sure their wishes and expectations are clear before they enter into any legally binding financial arrangement. The CBA has more information on its website about how seniors can protect themselves from financial abuse at this link.

There are also a number of scams that specifically target seniors and the CBA website has information and tips on these scams at the following links:

The Grandparent Scam

Phoney Bank Inspector Scam

For more information about financial abuse and to sign up for the CBA's fraud prevention tips, please visit www.cba.ca/fraud.

About the CBA

The Canadian Bankers Association works on behalf of 52 domestic banks, foreign bank subsidiaries and foreign bank branches operating in Canada and their 267,000 employees. The CBA advocates for effective public policies that contribute to a sound, successful banking system that benefits Canadians and Canada's economy. The Association also promotes financial literacy to help Canadians make informed financial decisions and works with banks and law enforcement to help protect customers against financial crime and promote fraud awareness. www.cba.ca.

Contact Information

  • Canadian Bankers Association
    Andrew Addison
    (416) 362-6093, ext. 220
    Cell: (416) 587-7733
    aaddison@cba.ca