Senior Banking
Package for Seniors
Seniors have always been an integral part of the customer base of Shinhan Bank Canada. Since a greater percentage of our customers prefer interacting in Korean with our branch personnel, we offer banking services in both Korean and English. We are committed to embracing the responsibility of providing clear communication to all of our clients. Also, to show our appreciation for choosing us as your trusted bank, we have introduced a special package benefit that fits your needs. Senior Rich Package contains exceptional plans and benefits for customers who are 60 and over.
Services for Seniors
The Right Financial Advice for Seniors
Shinhan Bank Canada is also committed to offering comprehensive retirement planning through our trusted representatives at each branch. It is no surprise that your assets’ management becomes more crucial especially if you have already retired. Also, there may be some goals you have set in mind already, such as travelling overseas with your loved ones every year or enjoying certain leisure activities on a regular basis. Our staff will help you step closer towards the goals you have set to have more time to relax and concentrate on the more enjoyable things.
Helpful Information for Senior Banking
Power of Attorney (POA)
Power of Attorney is a legal document that authorizes a person or more than one person to manage your money and property on your behalf. The person you appoint is called an “attorney,” although this person does not need to be a lawyer. Both you and the attorney must be mentally capable at the time of signing any type of POA for it to be valid. Mentally capable means you have the ability to make legal and financial decisions and understand the consequences of making the decisions.
When you visit the nearest branch with the appointed attorney to set up the POA, a well-trained SHBC staff will walk through the details, such as the range of transactions the attorney may perform on your behalf and how to terminate the agreement should you wish to cancel it. SHBC retains the right to reject a transaction from the attorney if it is not covered under the POA. The Bank may also limit POA usage when the requested transactions are deemed suspicious of any illegal or fraudulent activities.
Joint Account
A Joint account refers to a bank account in which two or more people have ownership rights over the same account. Unlike POA, all account holders have the equal right to deposit, withdraw, or deal with the funds in the account, no matter who puts the money into the account. Joint accounts may be an excellent option if it is difficult for you to visit a branch due to health conditions or mobility issues or if you would like to get help from family members or friends to pay bills and manage your finances. However, having joint ownership of an account may come with unintended risks due to the amount of control the other person(s) have over the account. When you visit the nearest branch, a well-trained SHBC staff will be able to guide you through the advantages and risks of opening a joint account.
* SHBC staff are trained to walk you through the pros and cons of setting a POA or a joint account. Still, prior to visiting the branch, it is generally recommended for you to obtain legal advice to gain a deeper understanding of the risks and consequences that may be applicable to you.