My father (due to age issues) is not managing his money correctly and I am concerned. I don't want to be on his account, but I would like a way of putting some restrictions on his withdrawals because he is forgetting, he says, about how he used the funds. Is there any way of doing this?
Also, I had to have him change banks because he had too many overdrafts before and the bank, although my brother talked to them, kept taking the bounced checks and charging him for the overdrafts. Is this legal, or should the bank at least send a notice of warning to an 81 year old?
We encourage you to talk with your father about your concerns. Perhaps you and he can set up a regular time each week to sit down together and write checks to pay bills and make other payments. If your father needs to have "walking around money," include a check to him that he can cash for his daily expenses. Don't forget, though, that it's his money, and you won't be able to impose any real restrictions on how he spends it without in some way infringing on the independence that he is undoubtedly used to, and likely to guard zealously, particularly if you try anything without his agreement.
Your father may realize that he's courting trouble by trying to "go it alone" with his account. He may even agree to having you keep the checkbook for him so that he doesn't slip up between your scheduled "bill paying" visits, but do understand that any "deal" you two make on how to protect his assets will be strictly between you and your father. The bank, unless you are in some way given legal access to the account, won't be able to give you much more than a sympathetic ear.
Which brings us to your last question. How well does the bank know your father? They may or may not have been aware of his age or his apparent forgetfulness. It's even possible that the bank talked with him and finally charge him after he continued to have problems maintaining a positive balance.
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We encourage you to talk with your father about your concerns. Perhaps you and he can set up a regular time each week to sit down together and write checks to pay bills and make other payments. If your father needs to have "walking around money," include a check to him that he can cash for his daily expenses. Don't forget, though, that it's his money, and you won't be able to impose any real restrictions on how he spends it without in some way infringing on the independence that he is undoubtedly used to, and likely to guard zealously, particularly if you try anything without his agreement.