With the advent of 2018, there are a number of new Texas laws. One such law, HB 3921, gives Texas banks and financial institutions the flexibility to protect their elderly customers from questionable financial transactions.
In plain English, a grandparent receives a frantic phone call from their “grandson” who claims he was arrested in Los Angeles. He needs $3,000 for bail – but don’t tell mom and dad because he wasn’t supposed to be in LA! The grandparent heads to the bank to wire the money, and within a few seconds, the money is gone forever.
In actual fact, they were just scammed by an all-too-common phone scam. An AARP Texas official told the Star-Telegram, elderly financial fraud schemes could reach $24 billion.
This new law allows a bank, credit union or financial institution the ability to place a 10-day hold on a specific request – without freezing the entire account. If the transaction is a potential scam, it would be turned over to law enforcement.
The Texas Bankers Association says 75 percent of wealth is held by people 50 years and older – and that makes them a frequent target. We hope this new law offers another tool to help protect our parents and grandparents, and their hard-earned money.
Unfortunately, there are far too many unscrupulous folks out there. The Harris Firm urges everyone to be vigilant.
