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Supporting the needs of our senior clients
Keeping your banking simple is important to us. To make your banking easier we offer:
- Multi-language customer service in English, Mandarin and Cantonese
- Access to our online and mobile banking services and information
Find out more about programs and services for seniors from the Government of Canada.
We’re here to help
If you require assistance with your banking, please get in touch.
Our Commitment to the Delivery of Banking Services to Seniors Report 2023
Wealth One Bank of Canada is committed to supporting the unique needs of our clients ages 60 and over. We recognize that Canadians are living longer, which can bring health, mobility, or cognitive changes that may impact their ability to bank.
As a member of the Canadian Banker’s Association (CBA), we have adopted the Voluntary Code of Conduct for the Delivery of Banking Services to Seniors (the Code). The Code recognizes that seniors are a diverse group and while not all seniors will be affected by the same issues, certain issues may affect a higher proportion of seniors than individuals in other age groups. The principles of the Code were established to help guide banks in their delivery of banking products and services to Canada's Seniors.
At WealthONE, we fully support the intent behind the Code and we have implemented the necessary steps to meet the Code’s Principles. We have appointed a Seniors’ Champion, who holds accountability for improving the banking experience for Seniors.
We have incorporated the seven principles of the Seniors Code into our regulatory compliance management framework which results in regular reviews and updates of our policies and procedures.
We are committed to publishing an annual detailed report on the steps we take to support each Seniors’ Code principle and to improve the delivery of banking services to Seniors on our WealthONE “Support for Seniors” page.
To ensure Seniors have a safe and comfortable banking experience we are:
- Providing ongoing relevant training to our employees on issues affecting Seniors.
- Enhancing how we respond in circumstances where Seniors may need additional assistance with their banking activities.
- Improving our ability to identify and escalate incidents of suspected financial abuse or fraud against Seniors.
- Providing quiet, accessible, and private spaces for confidential conversations in our office.
We believe everyone, including our Senior customers, should have equal access to important information about their finances and their relationship with us. To address Seniors’ unique needs, we are pleased to provide multi-language customer service in English, Mandarin or Cantonese to help explain our services and related materials.
Our “Support for Seniors” webpage is dedicated to Seniors and provides valuable information, resources, and tools such as:
- Programs and Services from the Government of Canada, including Fraud reporting and understanding Powers of Attorney and Joint Bank Accounts.
- Access and information on our online and mobile banking services, including online security.
- In-Office accessibility.
The code further underlines the importance of the focus our employees already have when providing seniors with the financial advice and services they need to enjoy the lifestyle they have worked so hard to achieve. To further support our staff, we have designed a dedicated Seniors Training Program.
Key areas of our training program focus on:
- Elder Abuse – including vulnerability factors, fraud, scams, and perpetrators
- Warning Signs
- Communicating with Seniors – including communication strategies and escalating concerns
WealthONE Seniors’ Champion
Our frontline employees also have a specialized support team to assist them deliver bank products and services to our Senior customers. WealthONE’s Seniors’ Champion acts as an additional layer of support if additional information about Seniors’ related topics is needed. The Seniors’ Champion also acts as a subject matter expert for complaint escalations to ensure that the spirit of the code is being applied in all our responses.
Prevention, Detection and Mitigation of Financial Harm
Given the rise in scams targeting Seniors, our procedures include:
- Robust ‘Know Your Customer’ (KYC) and customer due diligence processes
- Employee training focused on Senior vulnerability factors, signs of financial abuse, POA abuse, anti-money laundering (AML), and ongoing market scans of potential financial threats, frauds, and scams
- Streamlined and centralized processes to act swiftly when a fraud or suspected fraud has occurred against one or more of our Senior customers
- Ongoing monitoring of Senior customers’ activity, transactions, and reassessing customer transaction risks
Principles:
- Establish and implement appropriate policies, procedures, and processes to support the Code.
We have developed and maintain the Seniors Code Policy that contains the relevant policies and procedures to support the Code and its Principles.
WealthONE has incorporated the Delivery of Banking Services to Seniors requirements into its Regulatory Compliance Management framework.
- Communicate effectively with seniors.
We endeavour to make communicating with us as easy as possible. One of the ways we do this is by offering multilanguage customer service in English, Mandarin and Cantonese.
- Provide appropriate training to our employees and representatives who serve seniors.
Regular and appropriate training focused on the delivery of banking services to seniors is provided to our staff and representatives.
Our employees continued to receive Code of Conduct for the Delivery of Banking Services to Seniors related training. The training includes:
- An overview of the 7 Principles of the Code
- Mitigating Potential Financial Harm
- CBA’s Commitment on POA and Joint Deposit Accounts
- Complaint Handling
- Protecting Seniors’ Privacy
- Internal and External resources for employees to help Seniors.
- Make appropriate resources available to our client-facing employees and representatives to help them understand matters relevant to seniors’ banking needs.
Through training and direct communication, we have made our employees and representatives aware of and access to the necessary internal and external resources to help them in delivering banking services to seniors. This information is consolidated in an easily accessible location available to all employees. If our employees have questions, they can reach out to WealthONE’s Seniors’ Champion or any member of our Compliance Team.
Further, we provide client-facing materials available on our website, including information on powers of attorney and joint deposit accounts.
- Endeavor to mitigate potential financial harm to seniors.
We continue to train and provide resources to our employees and representatives to be able to identify and mitigate possible financial harm to a senior due to financial abuse, fraud or scams. This training includes ways to respect clients’ privacy, and security and autonomy.
- Take into account market demographics and the needs of seniors when proceeding with branch closures.
Though WealthONE does not have branches, we continue to take into account seniors’ needs when providing our services.
- Publicly disclose the steps we have taken to support the principles set out in the Code.
We have provided this report to the public on our “Support for Seniors” webpage.
Banking advice for seniors*
Many Canadians are concerned about how to manage their money, property, and finances as they age or as life changes take place. They may worry about what will happen if they become unable to deal with their own finances. It’s a good idea to plan ahead for a time when you may need help managing your affairs.
Two tools often used to manage financial affairs are powers of attorney and joint bank accounts. It is important to understand how a power of attorney or a joint bank account works before you use them. There are risks and advantages to both. You should never feel pressured to sign a power of attorney or to open a joint bank account. Carefully consider all of your options before making any decisions. Learn more about the information here.
About Power of Attorney
What is Power of Attorney?
A power of attorney is a legal document that you sign to give one person, or more than one person, the authority to manage your money and property on your behalf. In most of Canada, the person you appoint is called an “attorney.” That person does not need to be a lawyer.
Among other requirements, you must be mentally capable at the time you sign any type of power of attorney for it to be valid. In general, to be mentally capable means that you are able to understand and appreciate financial and legal decisions and understand the consequences of making these decisions. However, the legal definition of mental capacity will vary based on the laws in each province or territory.
Who can I ask to be my attorney?
You should ask someone you trust. You may choose your spouse, a close friend, a family member or anyone else that you trust. Carefully consider whether they are the best choice to manage your money and property, and do so in your best interest.
The minimum legal age for an attorney varies according to the province or territory where you live. The person you ask to be your attorney can refuse to act for you, so it is important to ask the person first if they are willing to take on this responsibility and everything that it entails. You should also consider appointing a substitute attorney in case the first attorney can no longer act for you.
What can a Power of Attorney do?
Unless you limit your attorney’s authority, they can do almost everything with your finances and property that you could do. If you don’t have any limitations in your power of attorney document, your attorney can do your banking, sign cheques, buy or sell real estate in your name, and buy consumer goods. Your attorney does not become the owner of any of your money or property. He or she only has the authority to manage it on your behalf.
To discuss establishing a power of attorney at WealthONE, please contact us:
Phone
1-866-392-1088
Monday to Friday, 9am to 5pm (EST)
Email:
About Joint Bank Accounts
What is a joint bank account?
Joint accounts are bank accounts in which two or more people have ownership rights over the same account. These rights include the right for all account holders to deposit, withdraw, or deal with the funds in the account, no matter who puts the money into the account.
How does a joint account work?
As a joint account holder, you share equal access to the account and responsibility for all the transactions made through the account. In most cases, unless you state otherwise, the other account holder can make transactions without your consent.
In some cases, it may be possible to specify that the consent of all joint account holders is required to access the funds in the account.
In many cases, joint accounts include the right of survivorship. This means that if one of the account holders dies, the surviving account holder becomes the owner of the account, with the right to deposit, withdraw, and deal with the funds in the account.
About Trusted Contact Person
What is a Trusted Contact Person (TCP)?
As of December 31, 2021, your financial advisor is required to take reasonable steps to see if you would like to name a Trusted Contact Person (TCP) when opening an account and when updating your client information. A TCP is someone you authorize your financial advisor to contact in limited circumstances. It allows your financial advisor to know who you trust and who they have permission to contact when they are concerned about your wellbeing under specific situations. This could include:
- If your financial advisor needs to get in touch with you but can’t.
- If your financial advisor has a concern you are vulnerable and being financially exploited.
- If you are having a health issue and your financial advisor needs to confirm your wellbeing.
- If your advisor needs confirmation of your legal representative(s).
For example, your advisor may contact your TCP when they simply can’t reach you because you have taken an extended vacation and forgot to inform them. Or, in a more complex situation, they may contact your TCP to ensure the validity of a request that is out of character if they believe you are vulnerable and being financially exploited.
What can my Trusted Contact Person do?
A TCP can help safeguard your financial assets, but they:
- cannot authorize transactions on your behalf
- cannot make decisions on your behalf
- will not be given access to your detailed account information
You appoint a TCP to act solely as an additional resource to help your financial advisor make decisions about protecting your account. You can specifically outline in your client agreement when your TCP should be involved.
Who should be a Trusted Contact Person?
A TCP should be someone you trust and someone who is mature and can handle difficult conversations about your personal situation. Consider choosing someone who:
- will protect your interests
- will be comfortable talking to your financial advisor
- knows you well enough to notice changes in your personal situation
- is familiar with your support network
- agrees to take on the role
- is typically not involved in decisions about your finances, and preferably, is not your power of attorney
How is TCP different from a Power of Attorney (PoA)?
A TCP can’t make financial decisions on behalf of you, meaning they can’t initiate or authorize transactions on your behalf. Nor can they make account changes in any form or be given access to accounts and account information.
A PoA can do anything that you (the grantor) could do unless constrained in the power of attorney document and by provincial and territorial law. They may have the ability to authorize the purchase and sale of securities in an investment account.
Each provincial jurisdiction in Canada has legislation governing the powers of attorney, and the rules vary by province. Typically, the duty to act arises when the PoA has accepted the appointment or has acted in a manner consistent with the appointment. In some cases, the power of attorney document will specify a date or an event that triggers the appointment. An example of an event would be a capacity assessment by medical professionals confirming that you (the grantor) are incapable of managing your financial affairs.
Overall, the PoA must act in accordance with a fiduciary standard and abide by the terms and conditions of the power of attorney document. These duties include but are not limited to the following:
- acting in the best interests of you
- exercising reasonable care and skill in conducting your affairs
- keeping records of all transactions and accounting for your affairs
- ceasing to exercise their authority and duties if the power of attorney is revoked
A PoA typically cannot do the following:
- make a will on your behalf
- change an existing will
- change the designated beneficiaries of any registered accounts (RRSP, RRIF, TFSA) or life insurance policies
- grant a new power of attorney to someone else
- provide gifts, unless allowed per the power of attorney document and authorized in specific jurisdictions, and the gift doesn’t impoverish you
- co-mingle your assets with their own assets (except for property that is registered jointly)
As with a TCP, you can specify more than one PoA, and there can be PoAs for specific assets.
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WealthONE is a registered trade name of Wealth One Bank of Canada in all provinces except Quebec.
