With Huntington Caregiver Banking1, it's simpler than you might think to offer financial oversight that balances both independence and safety. Adding a Caregiver to a bank account allows Caregivers and their loved ones to talk openly about needs and expectations. The Caregiver and their loved one can pick and choose the settings that are best for their unique situation, ensuring the account owner is still able to largely make their own decisions about where and what to spend. It’s like a financial safety net that’s there just in case. Here are the top 5 benefits of Huntington Caregiver Banking.
1. Quickly spot problematic patterns
Caregivers can monitor spending patterns and have in-the-moment visibility to potential problems. For example, you might identify repeat transactions your loved one didn’t intend to make. It can be common in the early stages of cognitive decline to mistakenly buy the exact same product multiple times, within minutes. Without a direct line of sight into a loved one’s daily finances and habits, this type of over-spending can quickly add up and become an expensive oops.
2. Block specific merchants or categories
Instead of taking total control, you can pinpoint problem areas by blocking only specific vendors and categories where there’s over-spending. You can also carve out exceptions so that intended spending happens without interruption. For example, a person who’s always been generous about charitable giving may make multiple donations to the same organization without realizing it. To honor their wishes, you can set limits around most charitable donations, but create merchant exceptions to ensure the donations that are most important continue2.
3. Make sure bills are paid on time
One of the earliest signs of cognitive decline is late or missed payments. Caregivers can make payments on behalf of their loved one to existing payees already in the account, but cannot add new ones.
4. Fight fraud fast
Time is of the essence when it comes to frauds and scams. A Caregiver can regularly log on to quickly see if something suspicious happens. For instance, one popular scam tricked individuals into withdrawing cash from an ATM and sending it via priority mail. By logging in daily to a loved one’s account, a Caregiver would be able to spot a large withdrawal, enabling them to step in before the money was gone for good.
5. Transfer money between accounts
Account overdrawn or unexpectedly low? A Caregiver can transfer money from another shared account to cover any unexpected gaps. Importantly, the Caregiver cannot transfer money from their loved one’s account into another account in which the Caregiver is the sole owner.
Conclusion: The biggest benefit is peace of mind
Huntington Caregiver Banking allows Caregivers and loved ones to meet in the middle with a balance of independence and oversight. Ultimately, the account holder remains in control of their money, but with support from a trusted Caregiver who can help make sure their finances stay on track.
