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What Can a Trusted Contact Do?
A trusted contact is someone you authorize your financial institution to reach out to if they cannot contact you. This is particularly useful if the institution suspects you might be a victim of financial exploitation, fraud, or experiencing a health crisis.
What Can a Trusted Contact Do?
A trusted contact person can:
- Confirm your contact information if the financial institution cannot reach you.
- Provide updated contact details if you have moved or changed your phone number.
- Inform the financial institution if you are experiencing a health crisis.
- Notify the financial institution if someone has been appointed as your guardian or has financial power of attorney.
However, a trusted contact cannot access your account or make transactions. For that, you would need to grant them financial power of attorney.
What Is the Benefit of Adding a Trusted Contact?
Adding a trusted contact provides your financial institution with a way to verify that you have authorized certain transactions, especially if they seem suspicious. This can be crucial if:
- You are not responding to emails or phone calls.
- You forgot to update your contact information.
- You are traveling or hospitalized and cannot respond.
- The financial institution suspects you are being exploited.
Having a trusted contact helps protect you and your assets from fraud and exploitation by allowing your financial institution to reach out to someone who can confirm your situation.
How Do I Choose a Trusted Contact Person?
Typically, a trusted contact is a friend or relative who knows your current situation and can communicate with your financial institution. Choose someone you trust and stay in touch with, and who does not have access to your accounts. Candidates might include an adult child, friend, neighbor, or attorney. The person must be at least 18 years old and should act in your best interest.
How Many Trusted Contacts Should I Have?
You can name as many trusted contacts as your financial institution allows. The Consumer Financial Protection Bureau (CFPB) suggests naming multiple trusted contacts in case one is unavailable or involved in suspicious activity. If you need to change or add a trusted contact, simply contact your financial institution.
How Do I Set up a Trusted Contact Person?
You can often name a trusted contact person when you log in to your account. You will need their full name, street address, and phone number or email address. Alternatively, you can call your financial institution to ask about setting up a trusted contact. Be cautious of emails asking you to set up a trusted contact, and ensure they are from your financial institution before clicking any links.
Do I Have to Set Up a Trusted Contact Person?
While you are not required to set up a trusted contact, it is a smart move to help protect your assets and prevent financial exploitation. Brokerages are required to ask if you’d like to set up a trusted contact, while banks and credit unions are not, though many do.
The Bottom Line
If there is unexpected activity in your financial account or you are affected by a natural disaster or medical emergency, your financial institution may try to contact you to verify the transaction. If you are unreachable, your trusted contact can help them reach you or someone who represents you. Regularly checking your bank accounts and credit reports can also help protect you from financial exploitation.
For any mortgage service needs, call O1ne Mortgage at 213-732-3074. We are here to assist you with all your mortgage requirements.
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