Talking about money and aging can feel awkward, even when it comes from a place of love. Nobody wants to feel like they're losing independence, and nobody wants to overstep with a parent, spouse, or close friend. A trusted contact is designed to ease that tension: it's a person you choose who your credit union may contact if there's an emergency, you can't be reached, or there are concerns about possible fraud or financial exploitation. A trusted contact doesn't automatically get access to your account or permission to make financial decisions for you.
Minnesota's new trusted contact law gives financial services providers the opinion to establish trusted contact programs. The goal is simple: give members another layer of support when communication becomes difficult or there are concerns about financial safety, without anyone losing control of their own money.
If you've ever wondered what a trusted contact does, who you should choose, or whether adding one is required under the Minnesota trusted contact law, here's what you need to know.
A trusted contact for a credit union account is a person you designate who your credit union may contact in certain situations involving your well-being or account security.
Under Minnesota law, a trusted contact must be at least 18 years old. A financial services provider may contact a designated trusted contact if an emergency occurs, the provider loses contact with the customer, or the provider suspects third-party fraud or financial exploitation.
The law also allows a financial services provider's trusted contact program to address situations where a member isn't responding to communications, an urgent matter or emergency occurs and the member can't be located, suspected fraud or financial exploitation is identified, or an account is considered dormant and the provider is trying to verify the customer's status and location.
No. Simply designating someone as a trusted contact doesn't give that person authority to make transactions or financial decision on your behalf.
A trusted contact is different from a joint owner or someone you've separately authorized, like a power of attorney, to access or manage an account. The designation itself is meant to provide another point of communication, not to transfer control of your money.
Minnesota law does allow financial services providers to voluntarily offer separate account security features that could provide limited access for trusted contacts to view account activity. Any such access would be part of a separate account feature or arrangement, so don't confuse it with the basic trusted contact designation.
At First Alliance Credit Union, members who want to add a trusted contact must sign an acknowledgement in person or electronically before the designation can be added. This confirms that the member understands the trusted contact doesn't receive authority to make transactions or financial decisions simply by being designated. It's one more way we make sure you stay fully in control, while providing an added layer of security to your accounts.
A trusted contact isn't someone your credit union would reach out to about everyday account activity, so there's no need to worry about extra calls or check-ins. The designation is intended for specific circumstances where an additional point of contact may be genuinely help.
For example, a financial institution may contact a trusted contact when:
These situations are specifically addressed in Minnesota's trusted contact law.
The purpose is to help open a line of communication, nothing more. A trusted contact may be able to help the financial institution reach you or understand whether there's a situation that needs attention.
A trusted contact isn't a guarantee against fraud, and it doesn't replace good account security habits. Think of it as one more layer of support in a larger financial safety plan, not a stand-in for staying engaged with your own accounts.
No. Minnesota law allows financial services providers to offer trusted contact programs, but it doesn't require every customer to designate one.
For some people, having a trusted contact brings real peace of mind. Others may decide they don't need one right now, and that's okay too.
Your circumstances can also change. Minnesota law allows a customer to end a person's appointment as a trusted contact, and a trusted contact can withdraw from the designation, so this isn't a permanent, locked-in decision.
If you're considering adding one, think of it as a planning decision rather than a requirement, something you do wen it feels right for you.
Choose someone you know and trust who'd be comfortable being contacted if a concern about your accounts comes up. That might be:
The best choice isn't necessarily the person who lives closest to you or the person you've known the longest. Consider who would respect your privacy, respond if your credit union needed to reach them, and understand that their role is to help with communication, not take control of your finances.
It also helps to talk with the person before designating them. Let them know why you're choosing them and explain that they may be contacted by your financial institution in certain circumstances. A short, honest conversation now can prevent confusion later.
No. A trusted contact can be useful for people at different stages of life.
Older adults and their families may find the option particularly helpful when planning for vulnerable adult financial protection. But anyone can become temporarily unreachable because of an emergency, travel, illness, a change in contact information, or another unexpected situation. Life happens to all of us, not just one age group.
Thinking about financial safety before there's a problem can make things a lot easier for everyone involved, both practically and emotionally.
For families, choosing a trusted contact can also be part of a broader, ongoing conversation about financial exploitation prevention. Talking openly about scams, account security, and who to contact if something seems unusual can help families respond more quickly and calmly when concerns arise.
These terms can sound familiar, but they serve different purposes:
| Trusted Contact | A person your financial institution may contact in certain circumstances. Being a trusted contact does not, by itself, give that person authority to make transactions or financial decisions. |
| Joint Owner | A person who shares ownership of an account. Depending on the account agreement, a joint owner may have rights to access or manage account funds. |
| Beneficiary | A person designated to receive applicable account assets after the account owner's death, according to the account terms and applicable law. |
Don't treat these designations as interchangeable. If you want someone to have access to your money or authority to act on your behalf, talk with your financial institution about the right account arrangement instead of assuming a trusted contact provides that authority.
Financial exploitation can happen when someone takes advantage of another person's money, accounts, or financial resources. It can involve a stranger, scammer, acquaintance, caregiver, or even someone the victim knows well, which is part of what makes it so hard to see coming.
A trusted contact can provide another communication point if a credit union becomes concerned about possible financial exploitation, giving you one more person in your corner.
Minnesota law also permits financial services providers to report suspected fraudulent activity or financial exploitation to appropriate law enforcement or public protective agencies.
There are other steps you can take, too. Review account activity regularly, pay attention to unfamiliar transactions, and be cautious about requests for passwords, verification codes, or money transfers. If someone pressures you to act immediately, take a moment to pause and verify the request. A little hesitation is one of the best defenses there is.
At First Alliance, members can use tools like Mobile Banking and the My Cards feature to help manage and protect their debit and credit cards, so you're never far from a quick answer if something looks off. My Cards is available through First Alliance's Mobile Banking app.
A trusted contact is one option, but it may not address every family's needs, and that's alright. Some families may also benefit from tools that provide more ongoing visibility or support with day-to-day money management.
Trusted Contact: Primarily an additional communication point with your financial institution. It lets the institution reach out to someone you designate if there are concerns about your account activity or wellbeing.
Greenlight (Family Shield Select plan): Offered as a member benefit through First Alliance Credit Union. This plan includes features like financial account monitoring for seniors and fraud and suspicious activity alerts, giving families more day-to-day visibility into a loved one's finances.
Greenlight is separate from a trusted contact designation. While a trusted contact serves as a communication point with your financial institution, a tool like Greenlight can offer more hands-on, family-oriented financial management and monitoring, depending on the plan and situation. Together, they can give a family real confidence instead of constant worry.
If you decide a trusted contact would be helpful, reach out to First Alliance Credit Union and we'll walk you through adding one to your account.
Before the trusted contact can be added, you'll need to sign an acknowledgment either in person or electronically. This confirms that you understand the designation and that the person you choose doesn't automatically receive access to your account, permission to make transactions, or authority to make financial decisions for you.
When choosing your contact, make sure the person understands their role and is comfortable being contacted if a situation requires it.
Choosing a trusted contact is a simple, caring way to plan ahead for situations you may not expect.
It can give your credit union another way to reach someone who knows you if you can't be reached, an emergency occurs, or there are concerns about fraud or financial exploitation. Most importantly, the designation doesn't mean giving someone else control of your money, it just means you're not facing the unexpected alone.
Minnesota's new trusted contact law provides another opportunity to have conversations about financial safety and financial exploitation prevention with the people you love. Whether you decide to designate a trusted contact now or simply learn more about the option, taking time to understand your choices is one of the kindest things you can do for your future self.