100% agreed. Imagine all of your reserves gone at such a vulnerable age and no recourse whatsoever. I thought your money was meant to be safer in a bank.

Not in all cases. In a number of cases elderly people no longer hold licences and getting to and from the bank isn’t terribly realistic.

Furthermore, I’ve personally dealt with a number of elderly people scammed out of their life savings because they unknowingly gave scammers full remote access to their phone - The phone that contains the banking app seniors barely understand, the same phone their SMS based MFA codes are sent to.

To add insult to injury, the banks are refusing to reimburse any funds lost as they state the client allowed an outsider to access their account and transfer all available funds.