Jenny's Journey: Navigating Banking Challenges in Aged Care

Jenny recently moved into a residential aged care facility after a nasty fall. To cover part of the Refundable Accommodation Deposit (RAD), she decided to sell her shares. However, once the sales proceeds were credited to her bank account, she encountered a significant roadblock: transferring the funds from her bank account to the aged care home. 

Jenny does not use any modern technology—not even a mobile phone or computer. Before moving into aged care, she managed her banking affairs by walking to the bank. She is single, and her only sister, who was her enduring power of attorney, unfortunately passed away recently. With no other authorised signatory, we stepped in to help. 

We contacted the bank with Jenny, hoping a representative could process the transfer over the phone or visit Jenny at the aged care home. We explained that while Jenny could walk short distances with the aid of a 4-wheel walker, she needed supervision due to a high risk of falling and required support to get in and out of a chair. Despite our detailed explanation, we were repeatedly told, “We understand and have many clients in such situations. Unfortunately, this is our bank policy. She only has the option of attending in person.” 

Ultimately, we arranged for a nurse escort at a cost of $75 per hour, at Jenny’s expense plus taxi fare. At the bank, we queued on her behalf, manoeuvring the 4-wheel walker to and from the front desk in the small bank outlet. The entire transaction took over an hour, and Jenny was exhausted after more than three hours, including travel time. 

Jenny's case highlights a significant gap in the banking sector and offers valuable lessons:

1. Banks need to adapt to the ageing population such as providing in-person visits at residential aged care facilities. Acknowledging clients like Jenny and choosing to do nothing does not reflect a responsible society. What if Jenny was bedridden?
2. Appointing an authorised signatory at bank for emergencies is advisable.
3. Lodging the enduring power of attorney with the bank is good practice, although in Jenny’s case, it made no difference as her attorney had passed away.
4. Assigning a substitute attorney in cases such as these if needed.

In summary, planning for later life is crucial as life is full of uncertainties. At the same time, businesses and government agencies need to adjust our service offerings to consider the increasing number of ageing adults. A slight tweak in service can make an enormous difference in someone’s life.