Financial Wellness Minute: Financial Exploitation

What this looks like is an abuser gaining power by restricting the victim's access to money, most often happening to the elderly population. It can be subtle at first, the abuser may take control of the financial decisions simply because it is "easier".  Or help paying monthly bills, then restrict debit and credit cards from the victim, or be an authorized user on the victim's account. The abuser may not pay bills and run up debt in the victim's name. By doing this the victim's credit is harmed. Financial abuse can also exploit the victim's emotions. A family member or recent "friend" they met may have emergencies or fallen on hard times and continue to ask the victim for money. If you feel uncomfortable with how someone else is handling your money, talk with your financial institution and make sure they do not see red flags. You should contact local law enforcement if you or a family member has been a victim of financial abuse. Want to know more about financial exploitation or have a weekly financial wellness tip sent to you? Sign up below or contact your local Mid Minnesota Federal Credit Union Office. Sign Up for a Weekly Financial Wellness Tip   Mid Minnesota Federal Credit Union is federally insured by the NCUA and we are an equal housing lender.