What is Safe Harbor in the Bank Secrecy Act? Banking Safe Harbor laws are intended to protect senior citizens from losing their savings; and sometimes those same laws can remove the account owner's access to those savings, even if the senior citizen account owner didn't do anything wrong or violate any banking rules. The Safe Harbor is meant to protect the financial institution as well as their employees from facing civil liability when they report suspicious activities or share compliance data with authorities that may cause the account's owner from accessing their account and/or funds. This apparently applies to those 65 years of age or older in a way that can protect seniors from scams but can also backfire on them as well. So here's what senior citizens 65 and older should know about their bank accounts. Balancing Protection and Access: Understanding Florida’s Elder Banking Safe Harbor Law Florida is home to one of the largest retiree populations in the country,...
POLK County, Florida, News, Consumer Issues, Public Records Accessibility, Government Accountability and Governance, Community Stories, Public and Personal Commentary. Robert B. is an Independent Writer and Investigative Researcher using AI Tech Skills to cover Florida News, Public Records and Consumer Issues, demanding Government Accountability and Open Access; which raises concerns by the community when the Public is denied Access and Answers they're entitled to.........