Arrange Online Banking for Your Aging Mom or Dad with Direct Deposit and Bill-pay

Online banking and direct deposit is one of the greatest innovations of internet finance. I have been using it for about 10 years for my own accounts. I used to have checks lying around for days before I could get to deposit them.

After my Dad passed away, it came time to start helping my Mom with her accounts. I found that most of her monthly checks were still being mailed to her home. She would wait until several arrived and then make a trip to deposit them.

Of course she was losing only pennies of interest at today’s interest rates. But it was also very inconvenient and at risk for errors and losses.

So, we arranged her finances online: to have all her regular checks sent by direct-deposit. We had to call and send letters for my Dad’s company pension, the government pensions, and a couple of stock companies for their small dividend checks.

All the offices we spoke with were extremely helpful working with seniors and I commend them.

Also, on one of my visits (Mom lives 1500 miles away) I went with her to her savings institution. We met the assistant manager who is very helpful.

We arranged her checking and savings accounts so that the direct-deposits were made into the Savings, bills were paid from the Checking, and monthly transfers were made from the Savings so it wouldn’t get overdrawn.

On the other side- arrange to get as many of the monthly bills to be paid automatically from the checking account. This will reduce the number of checks written, the risk of losing bills and delaying payment and being charged extra penalty fees, and reduce the number of trips to make the payments.

If necessary, one of us adult children can review the bank statements every few months or so to make sure there are no problems or errors.

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