What is financial abuse?
Financial abuse (also referred to as economic abuse) can take a variety of different forms. It might be financial control, exploitation or sabotage. It can happen in a range of different relationships with partners, family members or carers. Financial abuse could happen to anyone.
If you're affected by financial abuse, we can offer support to help you regain control of your finances. The most important thing is that you talk to someone - there is always help available to you.
What could financial abuse look like?
You or someone you know may be affected by financial abuse. Here are some questions which might help you recognise if this is the case.
Has your partner, family member, carer or friend:
- Asked you to account for everything you spend?
- Insisted you give them your income from salary or benefit payments?
- Stopped you from having access to your bank account or insisted their name be added to your accounts?
- Forced you to take out credit agreements for products that they then use for example car finance or mobile phone contracts?
- Forced you to put all the household bills in your name?
- Stopped you from going to work/college or university?
- Cashed your pension or other cheques without your permission?
- Stopped you from spending on essentials?
How can we help?
If you're affected by financial abuse, we can offer support to help you. Our specialist team are trained to help in these kind of situations and will be respectful and confidential. Where appropriate, they will tailor solutions to your individual circumstances and work with you to make your banking safe and secure, including areas such as:
We understand that your circumstances may make it difficult to have mail received at your home address. We can help you access online statements or update your address to deliver your mail to a secure location.
2. Opening a new account
We can help you set up a new bank account that is unconnected to any existing joint accounts you may have.
3. Cards, PINs and passwords
We can work with you to make sure that only you have access to your online and telephone banking. We can help you change your PINs and passwords and understand other steps you need to take to make sure your banking is secure.
4. Joint accounts
We can help you deal with joint accounts, for example suspending a joint account to make sure no transactions are made or closing a joint account.