Bank manager abusing power. I'm worried, any suggestions?


I have known of an elderly couple for the last 5 years, at the same time I met them with their bank manager whom apparently was helping them about their rental income. Over the last two years their bank manager has been getting too involved with the running of their finance to the point of telling me that she has become a daughter that they never had. She has now taken over the management of their rented properties. I worry that this person is planing her own future. The elderly couple unfortunately has a son who passed away a long time ago, and has a younger son that is constantly ill in hospital. Last year, the elderly lady and the bank manager met with me and the bank manager, said that the elderly man is apparently suffering from loss of memories and has no recollection of what he has done etc. I found that to be a surprise because I have met with the old man on many occasions and he remembered my son's name and remember what we spoke about on many on the previous occasions, and always asking about my family, he never missed any of our appointments. The bank manager might just be a good citizen helping an elderly couple, but her forcefulness and aggressiveness to take control of their rental, I find very fishy and hard to believe is in the best interest of the elderly couple.



Jadelee, sometimes we need to wade through the weeds to find out what is reality and what is misinformation. There are times when elders do not have the whole story correct. It could be that the Bank Manager had recommended a "property manager" to help the elderly couple with the rental property, such as collecting the rent and taking the repair calls from the tenants.... there is always a fee for this, average about 10% of the monthly rent. There are companies that do this, and some real estate offices that have a property management department.

So now the elderly couple is getting advice on what to do with the rental income. Separate bank account works best so the profit & loss of the rental doesn't get intertwined.

Now, regarding the elder gentleman's memory loss, sometimes it depends on the time of day. Any time I took Dad to appointments I made sure it was first thing in the morning as by afternoon Dad would be back in the 1940's.

The Bank Manager that my Dad used was very friendly, and she knew us by name whenever we came in. Sometimes Managers can be aggressive when trying to sell banking products, and it was getting annoying when she was asking on a regular basis to transfer funds to this or that Money Market, or switch Dad's stock from his current Broker. After enough "no thank yous" she finally stopped with the sale pitches, which is part of her job after all.
Helpful Answer (1)
Reply to freqflyer

That is VERY scary. I'd be contacting anyone I could think of. Too many seniors are scammed out of money by people posing as caring "friends" or in this case, a protector of their monies.

In doing some research, it looks like you should report it to the Federal Reserve via the PDF form - link on this page:

Or you can call them at: 888-851-1920. I'd probably start by calling and then fill out the form if they advise you to do that.
Helpful Answer (2)
Reply to blannie

A bank manager managing rental properties is out of scope of authority, especially if the bank is holding any mortgage or has any interest in the property. Even if the manager is proxy under a DPOA/POA, I still think it's beyond the scope of authority and could represent a conflict of interest.
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Reply to GardenArtist

At the very least, this is a conflict of interest. Ask the Bank's highest authority.
Does this bank manager have POA?

Not the manager's role or in job description. imo.
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Reply to Sendhelp