managing finances while incarcerated

June 22, 2019 12:27 PM

My SO is currently incarcerated. What can we do to protect his remaining cash and credit?

SO has been incarcerated for almost a year now and has some more years to go. I am not on the accounts (also not married) but he has asked me to help him gather paperwork and/or addresses so he can write to the banks or whoever.

His checking account should have an almost zero balance, and he drained his savings and 401k on the lawyer. However, he had multiple bills set to auto-pay so he's worried he is racking up overdrafts and other fees. I assume the accounts have been cancelled for nonpayment by now.. idk. He is also worried about a particular family member stealing his credit. We will try to login to his bank account when he calls but he's not sure he remembers his passwords anymore, and the accounts probably require second authorization from his now missing (most likely sold) cellphone.

So, credit freeze? Can he freeze his checking account? Will they just cancel his account if it's not in use? What else should we be thinking of? Thank you!

posted by secretdawn to Work & Money (2 answers total)

You should have him sign a power of attorney authorizing you to discuss these issues with the banks (etc.) and make needed changes on his accounts. Since he will be away for years, I suggest closing all accounts that are still open.

A credit freeze makes very good sense.
posted by megatherium at 1:10 PM on June 22, 2019 [13 favorites]

What address are all of the statements going to? Finding those will be very helpful. Pulling his credit reports from the big three and starting a credit freeze is the first thing he should do.
posted by quince at 3:41 PM on June 22, 2019