This law, championed by Bill Dodd, is designed to help prevent elder financial abuse by creating an extra layer of security and support.
What Is SB 278?
SB 278 requires financial institutions to maintain an Emergency Financial Contact Program for members ages 65 and older. This allows members to name a trusted contact who we can notify if suspected abuse or unusual activity occurs during employee-assisted transactions.
At SRI Federal Credit Union, we are adopting these protections early to help keep our senior members safer, sooner.
How Our Early Program Works
To make enrollment easy, we will include a Trusted Contact Authorization Form inside the 2025 year-end account statements.
With this form, members can:
- Designate a trusted contact person (such as a family member or close friend)
- Help us provide added layers of protection against fraud and scams
If you would like to complete the form before receiving your year-end statement, simply contact us, and we will be happy to send it to you.
Key Protections You Can Expect
As part of this program, we may:
- Place temporary three-business-day holds on suspicious, staff-assisted transactions over $5,000
- Notify the trusted contact when potential fraud is detected
- Add a protective review period before large sums leave your account
These protections mainly apply to employee-assisted transactions, such as teller withdrawals and in-branch transfers.
What This Means for Seniors
If you are 65 or older, you may notice:
- Additional questions from staff when a large withdrawal appears unusual
- Possible short delays to help protect your funds
- Supportive outreach designed to keep you safe
These safeguards are designed to protect you, not to slow down legitimate access to your funds.
Our Commitment to You
At SRI Federal Credit Union, your safety comes first. Implementing these protections early reflects our commitment to helping prevent fraud and protect the financial well-being of our members.
If you have questions or would like a Trusted Contact Authorization Form sent to you before your statement arrives, please contact us.
