What Seniors Should Look For in a Banking Partner

By January 27, 2020Knowledge Center
What Seniors Should Look for in a Banking Partner | TFNB


What Senior Citizens Should Look For in a Banking Partner

If you’re 60 years or older, you have unique financial needs. As you shift from your working to retirement years, you’ll need help making your earnings last with lower-risk approaches to saving and investing. Sure, lots of financial institutions are competing to manage your assets, but they don’t all offer the same benefits for your unique stage of life. 

How do you find the best banking option for you? Start by evaluating your most important banking needs and values. We’ve compiled a list of the top four characteristics seniors should look for in a bank: 

Reputation and Credibility

Everyone looks for safety and security in a bank. However, people over 60 are particularly vulnerable to being taken advantage of. As part of this demographic, you’re either in the last years of growing your retirement savings or already living off of a finite amount of money. Senior citizens are also prime targets for fraud schemes, according to the FBI. Therefore, safe banking for seniors entails more than just finding a dependable banking entity — it’s also about finding a relationship-oriented bank that will look out for your financial well-being. Here in Texas, a 2017 law “directs financial institutions to set policies…for employees when they suspect an elderly customer may be the victim of fraud.” This new legislation also strengthens protections for bank employees who stop transactions for elderly customers when they suspect fraud.

At TFNB, our employees consider themselves “relationship bankers,” which is why we call ourselves “Your Bank for Life.” You can depend on us to be your bank for life and help you keep your money safe from fraud schemes because we will get to know you personally, so we can better serve your financial interests.

A bank for seniors should match their unique financial needs.

Personalized Customer Service

In a recent Accenture survey of banking customers, the majority of respondents said they “favor face-to-face interaction with their bank.” For seniors, the preference for human availability is likely even higher. After all, customers don’t just visit bank locations to open accounts and deposit checks; they also visit when there’s a problem they need help resolving. A personal touch can make all the difference when you’re frustrated, worried, or confused. So, when you’re considering which bank is best, find out how much access you’ll have to in-person service, whether at the actual bank or over the phone. Instead of being redirected to an FAQ page or a digital chat, you want to know that a customer service representative will answer your call or personally greet you face-to-face at the bank when you need help.

At TFNB, we understand the value of human capital; that’s why we treat our employees and customers like family. Our customer service slogan is “Real People, Real Close” because developing lifelong relationships with our customers is important to us. And while we keep our service friendly and personal, it’s also efficient.

Holistic Personal Finance Management

People aged 60 and over are at a stage in life when their net worth is likely to be at its highest. From retirement savings to home ownership or other sources of income, your finances are not as simple as when you were just starting out in life. At the same time, you need safe, reliable investments to preserve your assets so you can continue to enjoy the same standard of living throughout your retirement. Instead of using multiple financial institutions to meet your needs, look for a bank that can holistically manage your complete financial situation.

Like many community banks, TFNB offers more than checking accounts. Our Trust Services Department provides professional services in the administration of trusts, estates, conservatorships, agencies, escrows, and custodial accounts. We can also help you invest your money through CDs and IRAs, as well as investment accounts. Simplify your banking life by finding one place where you can receive personal advice and a comprehensive approach to your finances. 

Your finances are not as simple

Products Designed for Your Specific Financial Needs

When comparing banks for seniors in McLennan County, you want to find a place with services designed for seniors or products that can be customized for your specific needs. At some banks, specialized products for seniors end with free checking.

 TFNB offers a range of accounts and services to support you in every stage of life. For example, our Health Savings Account can be used in conjunction with a High Deductible Health Plan until you enroll in Medicare. Have grandchildren under age 17? Help them save for college and other life expenses with our Kids Life Savings Club. We also offer a full range of real estate and personal loans, as well as Trust and Investment Services. Our employees understand that no two lives look the same. Instead of assuming all customers over 60 need the same types of banking products, we help you find or personalize the best financial solutions to meet your current needs and ease your worries about the future.

Waco Retirees Choose TFNB

During your search for the best bank in Waco for retirees, visit TFNB. Our customer focus, reputation, personalized products, and comprehensive financial services offer the safest place for your assets as you enjoy this stage of life. Find your nearest TFNB location and stop in to get started today.

Jason Lavender is SVP of Strategic Initiatives at TFNB- Your Bank for Life. TFNB is a 130-year-old organization serving thousands of customers in central Texas. It is the oldest charter in McLennan County and the seventh oldest in the state of Texas.