Protection of Vulnerable Adults from Financial Exploitation Bill
Texas House Bill 3921, effective September 1, 2017, gives banks and securities firms the authority to monitor and report suspicious transactions in a vulnerable adult’s (elderly or disabled person) account if that financial institution “has cause to believe that financial exploitation of a vulnerable adult who is an account holder with the financial institution has occurred, is occurring, or has been attempted.” The law allows banks and other financial firms to scrutinize any type of large, unusual transactions in a vulnerable adult’s account before it’s processed if financial exploitation is suspected.
Wellington State Bank has been and will continue to be committed to protecting all our customers from financial exploitation. If you have any questions, please call 806-447-2551.
To read the law in its entirety, please visit the link below.