In a press release dated April 26, 2018, the Maryland Department of Labor, Licensing and Regulation announced its participation in a joint initiative with the Maryland Department of Aging, Maryland Bankers Association, and MD|DC Credit Union Association to combat elder financial abuse. The initiative is comprised of written materials and outreach events that provide clear information to consumers and bring greater attention to the signs of elder financial abuse and prevention, including a new brochure that informs seniors of their options for account ownership and survivorship. This free brochure is available on the Department of Labor’s website and covers account terms and conditions, access and authorization, multiple-party ownership, and beneficiaries.
Throughout the rest of 2018, the department’s financial regulation team will participate in outreach events with agency partners to further expand the reach of this initiative.
To report suspected elder abuse or to get help in the event of abuse, contact 800-332-6347.
To read the press release in its entirety, click here.
Chesapeake Bank and Trust is committed to educating its clients and providing an unparalleled level of service.