As older Americans—those born before 1965—hold 65% of deposit balances in the U.S., banks have continued to offer more products with terms that are favorable to them, according to the American Bankers Association Foundation’s 2021 Older Americans Benchmarking Report released today.
The survey found that 60% of responding banks offer favorable products for older customers, an increase from 53% in 2019. Banks with less than $1 billion in assets are most likely to offer those products at 67%. The products offered to older customers include no-fee checking accounts, no-minimum balances and senior savings accounts with no fees. Many banks also waive fees for providing paper statements on senior accounts, as some older customers may be less likely than younger ones to use online banking, the survey found.
To help prevent elder fraud, almost all banks—93%—reported that they file suspicious activity reports, flag accounts, close accounts or report to Adult Protective Services when they suspect elder financial exploitation. The survey found that, banks filing reports to Adult Protective Services increased to 78% in 2021 from 62% in 2017. A majority of banks—86%—are also providing training to customer service representatives on how to detect and report elder financial exploitation.
