Guidance for Financial Institutions

Key Findings:

• 55% of survivors experienced harm or retraumatization when seeking support from a financial institution.
• Survivors prioritize safety, compassion, and flexibility – not just convenience or efficiency.
• Survivors reported being denied service, asked for inappropriate documentation, or disbelieved entirely.
• Institutional practices often mirror abusive dynamics, such as controlling access to funds or questioning a survivor’s credibility.

What Financial Institutions Can Do:

Financial institutions are uniquely positioned to support survivors of intimate partner and financial abuse. Survivors often come to banks and credit unions seeking stability and safety, but too many encounter barriers that worsen their situation. By rethinking policies, services, and staff training, financial institutions can make a meaningful difference in survivors’ lives. Survivors should be believed by default. Requiring police reports or court documents as proof of abuse can create unnecessary barriers. Instead, institutions can accept alternate forms of identification or address verification and offer flexible services such as emergency funds, no-fee accounts, or alternative repayment options. Training staff in trauma-informed practices ensures survivors are treated with dignity and respect rather than suspicion.

Survivor-Centered Banking in Practice

Banks, credit unions, and other financial institutions can protect survivors by offering services that balance security and access. Examples include:

• Secure accounts with fraud alerts and trusted contact notifications
• Automatic bill pay to ensure safe, uninterrupted payments without cash or checks
• Emergency funds or fixed-limit credit cards for urgent needs
• Teller support, where trained staff review suspicious letters or transactions
• Private financial counseling to identify abuse and protect survivors’ assets

These survivor-centered approaches not only prevent harm but also build lasting trust with customers who may otherwise disengage from the financial system.

Find more information on how banks protect your money.

Protecting Survivor Privacy and Customer Integrity

Confidentiality is as critical as financial security. Survivors often face ongoing threats even after leaving an abuser, and a breach of privacy can expose them to stalking, further financial exploitation, or retaliation.

Financial institutions must safeguard survivors’ information just as carefully as their money. That means:

• Never disclosing account details—including balances, locations, or activity—without the account holder’s consent (unless required by law)
• Recognizing that survivors may still be legally tied to abusers through joint accounts, while ensuring private access to banking services
• Implementing extra privacy controls, such as account flags with special handling instructions
• Training frontline staff to recognize red flags and engage with survivors sensitively and discreetly

Respecting privacy is not just good customer service — it is a matter of safety and trust.

The Impact of Economic Abuse

According to FreeFrom’s Survivor Safety Banking Guidelines, 92% of survivors report being subjected to economic abuse. Survivors face staggering financial burdens, with:

• Average of $10,120 in abuse-related costs
• Only $10 in average personal savings
• Financial well-being in the bottom 10th percentile of U.S. adults

Survivors are often forced to choose between personal safety and financial survival.

Barriers to Safe Banking

From FreeFrom’s Fact Sheet, we learn that:

• 74% of survivors lack access to a safe bank account
• 58% have had their bank accounts accessed or controlled by a harm-doer
• Only 16% found bank support helpful when they sought assistance

These figures highlight the need for better training, policies, and financial products tailored to the realities of survivor customers.

Solutions That Work

FreeFrom’s Survivor Safety Banking Guidelines recommend specific steps financial institutions can take, including:

• Flexible repayment plans and interest-free emergency loans
• Training staff to detect and respond to economic abuse
• Refraining from reporting coerced or fraudulent debt
• Offering safe, low-cost accounts with fraud protections
• Designating internal teams to support survivor accounts
• Allowing alternative forms of ID and address verification

These practices not only support survivors — they also help banks build trust and loyalty with an underserved customer group.

Meeting Survivors Where They Are

From FreeFrom’s Support Every Survivor report, we know that financial insecurity intersects with race, disability, gender identity, and more:

• 56.5% of surveyed survivors were disabled
• 59.1% identified as queer+, and 34.5% were not cisgender
• 74.1% lacked access to a safe bank account
• Survivors reported an average of $288.90 in personal accessible funds

These findings underscore the need for inclusive, trauma-informed financial services that respect identity, safety, and agency.