Banks with low daily atm limit.

[Lakewood90712]

I hope this is not too far off-topic. moderators ,please move it if so.

Last week I was appointed as conservator of my father (He is 79 , and has lost common reasoning ability, lost about 300,000 to "New freinds" over the last year).

They got him to cash in all his cd's and brokerage accounts, and always got cash from him. never checks.

At least I stopped it before he lost his house. (He took out 2 heloc's too)

I have him on a daily allowance of about $ 40. Do any of the major bank's have a way to limit daily ATM limits to a specific ammount ?

Right now , I give him a $ 40 check each day , but this is a hassle. If i give him money for the full week , the leaches get it , and he is broke on day 2.

Both my atty, and the court appointed atty. think that is too much per day., for food, and misc stuff like going to the movies. all other expences come out of the estste account.


Any Ideas

 

[honobob]

I opened a separate account for my father and gave him a debit card with the Visa logo..  He couldn't withdraw cash because he couldn't remember the PIN but he could pay like  a credit card up to the actual balance.  Because of his dementia and health conditions he was either with me, at adult daycare, or with my Mom.

I monitored it online.  He had the freedom to "manage" his own money.  When we were out he could pay for meals with friends and family.  I think it helped him keep his dignity.  When he was with my Mom he could buy his personal needs and with the help of my Mom acquired a large collection of WalMart Hawaiian shirts.

I kept $300 in it and could transfer funds immediately as needed.  Items post so quickly that it is easy to monitor online.  You could even set up automatic transfers of $40 a day easily.

Alot of banks have these types of accounts for college students.

 

[TromboneAl]

If the problem is the hassle of physically writing the check and him having to go cash it, can you keep a pile of cash around, and give him two twenties every day?

 

[Outtahere]

Is there a way to get rid of the leaches, that would solve some or most of the problem right there.

 

[Mwsinron]

Dammit this makes me angry just reading this. The lowest I have seen banks do is a few hundred dollars

 

[Lakewood90712]

Thank's everyone for all the feedback.

It's been 2 week's from the granting of the conservatorship , and I was very un-prepaired for dealing with banks and brokers and thier B.S. The bigger banks are very bad in trying to avoid compliance with a court order to turn over control.

Especially the bank's who were aware that dad's large daily cash withdrawls, (2,000 to as big as 12,000) were suspecious. They SHOULD have called adult protective services, but chose not to. Instead, they "fixed "the problem with 2 home equity loans, so he could give out money he did'nt have !

If anyone is facing this kind of thing , get your atty. to draft the letters to the bank, with instructions to present with the court order. The B.S stops cold when a probate atty. sends them something in writing , with dates and names of bank managers who want ignore a court order. Document everything, even from bank people you have known for years. If something goes wrong , they will not be on your side.

It's also a lot of "fun" going through about 200# of mail, a lot of it 2-3 years old and un-opened, and tracking down unpaid bills, home and car insurance policys canceled for non payment , etc.

Well , I've whined enough for today. I think this whole thing is a Karma payback for my behavior in my teenage years!  I was going to quit next year to enjoy life with good health, but it look's like I may have A new non-paying job.

 

[cube_rat]

Is there a way to get rid of the leaches, that would solve some or most of the problem right there.

Exactley. Unfortunately, seniors are such easy prey for buzzards/leeches and vultures. Is there anyway of recovering his losses from these scumbags?

 

[Lakewood90712]

Had several talk's with the cop's.  very diffucult with pro's. The leaches were very careful to only get cash, and never meet in public. like his 40 year old "girlfriend' who need a $20,000 operation every month at a hospital 'up-north" that only accepts cash.

Dad still believes she will die without the "operations".  And the "just give me 10,00 in cash to invest and I will double your money in a month" stories.