Kiplinger: Retirees, Be Aware of the Murky Rules Behind Financial Apps

Kiplinger, June 13, 2022, Retirees, Be Aware of the Murky Rules Behind Financial Apps

Karen Kali, senior program manager at the National Community Reinvestment Coalition in Washington, D.C., says that both the EverSafe and SilverBills apps are great examples of a product that could be useful for seniors. While EverSafe monitors banking transactions and credit cards for potential financial exploitation, SilverBills helps users manage and pay bills on time, checking for fraud or errors.

Both apps charge a fee. Customers can choose from three tiers of EverSafe services, with the cheapest costing about $61 annually. SilverBills costs between $10 and $99 a month, depending on the plan. The tools also can be a way for family caregivers to help an older relative manage their finances from afar. “Given the prevalence of fintech applications and so many seniors who live away from family, it’s unrealistic to stay away completely from fintechs,” says Kali.

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