Imagine trying to transfer $5,000 to help your grandchild with a down payment, only to discover that your financial institution has delayed the transaction because it suspects fraud. You know the money is yours, you recognize the recipient, and you have a legitimate reason for sending it. Yet the institution wants additional verification before releasing the funds.
For older Americans, situations like this raise an important question: How much authority do banks and brokerage firms have to delay suspicious transactions?
