Dementia sufferers may be able to opt to retain the right to sign for card purchases.
Dementia sufferers who are concerned about the switch to PIN-only transactions for credit and debit cards may be able to opt to retain the right to sign for purchases.
Financial institutions will retain an option of signature-only for those customers with special requirements, including cognitive impairment. However, each institution will implement its own eligibility criteria for those seeking a sign-only card.
Alzheimer’s Australia National President Graeme Samuel AC welcomed the news. “The commitment by the major financial institutions to incorporate the use of a sign only card as part of the PINwise initiative comes as a relief to people with dementia and their carers,” Mr Samuel said. He also said, “There are going to be some functional differences with the sign-only cards between the banks. For example, some sign only cards may not be able to be used at Automated Teller Machines (ATM).”
Dementia sufferers and their carers are urged to consult their banks about what options are available, however, you can find out more by visiting Fightdementia.org.au.