Big banks bending over backwards for dementia sufferers

On August 1 this year, we will no longer have the privilege of signing for purchases made on credit cards and banks lock down on their security systems and decrease fraud opportunities.

It seems like a great idea… How hard can remembering a four-digit pin code that is personally customisable be?

But, what about those of us who have trouble remembering or are likely to forget?

Well, in an announcement by Alzheimer’s Australia yesterday, it was revealed that their lobbying to the banks for exceptions for the people that suffer from Alzheimer’s and dementia has been successful.

Anyone who suffers from either of the above conditions will be exempt from the pin-only rule. But, the banks will determine the criteria for eligibility.

Alzheimer’s Australia National President, Graeme Samuel AC said that, he is pleased the exemptions have been allowed.

“The commitment by the major financial institutions to incorporate the use of a sign only card as part of the PINwise initiative comes as a relief to people with dementia and their carers,” Mr Samuel said.

“Memory loss is one of the common symptoms of dementia, and without the alternative option of a sign only card, the PINwise initiative could bring further barriers for people living with dementia to participate in everyday activities.”

The big banks, which aren’t known for their consideration of minority groups, are being incredibly cooperative and considerate in this rule… Something that is very welcome.

If you want to find out how to help a family member or yourself manage the PIN versus sign situation, you can contact any of the banks for more information.

• To speak to ANZ ring, 13 13 14
• To speak to Commonwealth Bank ring 13 22 21
• To speak to NAB ring 13 37 68
• To speak to Westpac ring 1300 651 089

Do you think this is a great initiative? Will you help a family member or friend to continue signing? Do you think this is the first step of the banks looking after ageing people? Tell us your thoughts in the comments below…