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Understanding the Role of a Trusted Contact

At O1ne Mortgage, we believe in safeguarding your financial well-being. A trusted contact is someone you authorize your financial institution to reach out to if they cannot contact you directly. This is particularly useful if there are concerns about potential financial exploitation, fraud, or health crises.

What Can a Trusted Contact Do?

A trusted contact can:

• Confirm your contact information if your financial institution cannot reach you.
• Provide updated contact details if you have moved or changed your phone number.
• Inform your financial institution about any health crises that may prevent you from responding.
• Act as a new point of contact if someone has been appointed as your guardian or has financial power of attorney.

However, a trusted contact cannot access your account or make transactions. For that, you would need to grant them financial power of attorney.

Benefits of Adding a Trusted Contact

Adding a trusted contact provides your financial institution with a way to verify that you have authorized any suspicious transactions. This can be crucial if:

• You are not responding to emails or phone calls.
• You forgot to update your contact information.
• You are traveling or hospitalized and unable to respond.
• There is a reasonable belief that you are being exploited.

Having a trusted contact helps protect you and your assets from fraud and exploitation by allowing your financial institution to reach out to someone who can verify your situation.

Choosing a Trusted Contact Person

Typically, trusted contacts are friends or relatives who are familiar with your current situation. It is important to choose someone you trust and who stays in touch with you. Some financial institutions recommend selecting someone who does not have access to your accounts. Candidates may include an adult child, friend, neighbor, or attorney. Ensure that your trusted contact is at least 18 years old and will act in your best interest.

How Many Trusted Contacts Should You Have?

You can name as many trusted contacts as your financial institution allows. The Consumer Financial Protection Bureau (CFPB) suggests naming multiple trusted contacts to ensure there is always someone available. If you need to change or add a trusted contact, simply contact your financial institution.

Setting Up a Trusted Contact Person

To set up a trusted contact, you may have the option to do so when you log in to your account. You will need their full name, street address, and phone number or email address. Alternatively, you can call your financial institution to inquire about setting up a trusted contact. Be cautious of emails requesting this information and verify their authenticity before proceeding.

Is It Mandatory to Set Up a Trusted Contact?

While it is not mandatory to set up a trusted contact, it is a smart move to protect yourself from financial exploitation. Brokerages are required to ask if you would like to set up a trusted contact, while banks and credit unions are not, although many do.

The Bottom Line

In the event of unexpected activity in your financial account or if you are affected by a natural disaster or medical emergency, your financial institution may try to verify the legitimacy of transactions. If you are unreachable, your trusted contact can provide the necessary information to reach you or someone who represents you. Regularly checking your bank accounts and credit reports can also help protect you from financial exploitation.

For any mortgage-related needs, feel free to call O1ne Mortgage at 213-732-3074. We are here to help you secure your financial future with confidence.

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