What to Know about Downsizing, Parents, and Banking

Over the last few years, I’ve helped my mother downsize from a 2000 square foot house to a 2-bedroom apartment. Once again, we are making a move, this time 500 miles away to be closer to me, my daughter and granddaughter, and her sister.

Near or far, downsizing a parent is a huge project. The further the distance, the more complex the process becomes. In previous articles I’ve discussed downsizing and how to transfer financial documents, and medical records as part of the process. This time I’m sharing tips on what you need to know for banking.

Talking Money—Not an Easy Job

Most likely, your parent has been a customer of a specific bank for decades. Since that relationship began, the way people bank has changed tremendously. Finding a new bank and updating banking habits may be stressful and a bit overwhelming for your parent. To make the process simpler, begin the process by meeting with the current banking center manager. Points to discuss include:

• Choose a time when you, your parent, and the banking manager can meet together.
• Start the process well in advance of the move. A minimum of 45 days helps cover transfers, closing accounts, and ensuring access without a delay in services.
• Let your parent take charge; you are there for support and to cover any additional questions or gaps in the process.
• Inform the banking manager that the process has begun and you’ll keep them informed of the process. It can take some time to find a new bank.

Before the move: finding a new bank

My mother became a bit distressed when she discovered her Ohio bank did not have a branch office in Missouri. As a joke, I told her the Missouri territory was recently settled and our banks were safe from train robbers. After she called me a smart ass, we began the new bank hunt.

• Start by asking friends and family. Ask where they bank, what they recommend, what they like or don’t like about their bank.
• Location and convenience. If your parent has mobility concerns, finding a bank close to your parent may be a priority.
• Know your banks. Seek a bank that focuses on the consumer rather than small business needs.

What products or services are important to your parent? Banking has changed and your parent may need a refresher on how to best utilize their bank. For instance, my mother still writes checks because, “It’s all I know.” However, with banks moving away from cash and in-branch services, your parent may be at a loss as to what’s available.

Meet with the top bank choices. If possible, visit the banking managers at 2 or 3 potential future banks. Bank managers are eager to meet new clients and will be happy to help with the transition. This also helps determine if the parent is comfortable with the manager, employees, location, and services.

Meet the Bank Manager

As stated above, arrange a time where you can attend with your parent. Bankers are most often agreeable to meeting new clients and building a relationship, even with the trend toward limiting in-branch activity. During your visit, the manager will ask a few questions:

• What services are important to your parent?
• What are your parent’s banking habits?

The manager will next identify which services will best meet your parent’s needs and do their best to mirror existing services and expectations. Additionally, the manager will give a tour of the bank, the online processes, ATMs, and provide introductions to tellers and other key employees.

Following these visits, discuss with your parent which they like. Not only will convenience, location, and services be important, be sure your parent is comfortable with the people he or she is meeting.

Choosing a Bank

Once your parent has chosen a bank, inform the new bank and the existing bank. Working backward from the actual move, discuss and coordinate with both locations what needs to be done to ensure a smooth transition. For the most part, the banks will manage the process. What you and your parent can do is follow up monthly with each manager to inform of progress. During the month of the move, make sure bills are paid with available funds and that services are available during and after the move.

My mother is moving into her new apartment in December. We will use the next month to choose her future bank and to begin the process. Watch for more updates on what to expect on downsizing and moving a parent long-distance.

What questions do you have? List them below and I’ll be happy to answer.

Kristen Edens
Managing Midlife