Checking Account for the elderly?

[jeslynn]

My grandmother has a bad memory. We think she may have dementia or it's the after effects of the stroke she had a few years ago. She used to have an amazing credit score and just took care of her money very well. The past year I'd say she's gotten worse and worse with her checking account. This month has gotten so bad that she just got her checks in the mail and they're already gone because of her late fees. So she now has no money for the month. Anyways, my question is...what would you suggest? She needs a way to cash her checks and truly dreads money orders...but she may just have to use them. She won't let anyone else take over her account either.

Thanks!

[KristinaMarie]

Get her a savings account. You can't overdraw a savings account, and she can go to the bank and have them do cashiers checks for her bills. I used to work at a bank and we had alot of elderly people do this. They loved to come in and have small talk while we did all of the checks, some we even filled out the money orders for them. Most banks around here offer free cashier checks/money orders if you are a certain age.

[jeslynn]

Great idea! Thank you so much!!

[Poddi]

Would she want to have a power of attorney set up? At her age it would probably get worse instead of better. It's possible to set it for just one bank account only, instead of all her financial and legal affairs. I have the power of attorney for my grandma for her checking account only and handle her bills. It's worked out well so far.