My mother is 75 years old and lives on a very fixed income.
Last year she started bouncing checks because she couldn't keep her account balanced.
She would go to the bank or an ATM to check her balance and think that was how much money she had. She no longer understood that outstanding checks can take days, weeks, even months to clear.
I had to pony up $275 just to get her account back up to a zero balance, have my name added to her account so that I could monitor things, and take her check book away from her.
I let her keep the ATM card because I didn't want to have to drive 30 miles everytime she needed gas (mom quit driving a few years ago. my sister...don't even get me started on her...drives mom's car and takes her to the grocery store and doctor's appointments) or groceries.
Even that isn't working out. Some of her bills are ACH (Automated Clearing House) deductions from her account that don't transact until later in the month. She forgets about them, spends the money she thinks she has, and then the ACH transactions generate NSF fees.
It's been a real struggle.
Recently, she was contacted by an outfit who told her that for just $32.00 a month, they could take her SS check, pay all of her bills, and give her $150.00 a month for groceries.
Since that sounded too good to be true, I assumed it was.
I told her not to do anything until I did some research.
The company is called "For Safe Keeping, Inc."
I googled them and got a big goose egg.
That bothered me.
I searched from a few different angles and found the following:
The KC BBB hasn't had any complaints about them in the past 36 months.
They are listed in the Social Security MHTS Catalog as a Payee Services provider.
I have to admit, it would be a huge weight off my shoulders to know that her basic financial needs were being administered by someone far more organized and responsible than her oldest son.
But I know absolutley nothing about this company, the whole Fee For Services program or how this all works.
Do any of you have any experience with this company or this type of arrangement? I want my mother to live independently for as long as possible, but things are getting dicey.
I have a very selfish interest here as well. How I deal with my mother in her dotage will no doubt serve as the template for how my daughter, young Galadriel Tanqueray Onassis, will deal with me in mine.
She already wants to have me committed everytime I say "fo shizzle" or "whatev!"
I need some guidance.