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Latest Operations - Representative Payee Topics

Setoff of Rep Payee Account

07/10/2022

Do we have the right to setoff on a representative payee account (without Social Security deposits)? The delinquent mortgage was taken out by the beneficiary, and now the payments are not being made.

Child Owner But Not Signer-Allowed The Balance?

04/28/2014

If a child is an owner on the account, but not the signer on the account can we give the child the balance? Same for a Rep payee account. Can we give the owner the balance, even though he is not the signer?

SS# for Representative Payee Disability SS

03/18/2013

I have a customer who is opening an account for her husband to receive his Social Security disability payments and she is the representative payee. Is there a certain way that should labeled on the signatory card and shouldn't her husband's SSN be used?

Balance Info-Beneficiary of Representative Payee

10/15/2012

If a beneficiary of a representative payee account calls and wants to know the balance of their account, are we allowed or required to tell them since they are technically the owner?

Monitoring Daily Debit Transactions-Beneficiary

10/01/2012

When a representative payee account is opened, we monitor daily debit transactions to make sure that the beneficiary of the funds is not signing checks. There is discussion here concerning the necessity to review these or not. We have one employee who worked at another financial institution where they did not monitor daily debit items and wonders why we do here. I am wondering if the reason to do this is that even though the account is opened under the beneficiary's name and is a single owner account the only signer is the rep payee. Also, I know that SSA's rules are that that only SSA money should be deposited to this account. There have also been discussions as to whether this is absolutely necessary or not. I guess my question is, do we need to monitor the account for signatures and if we can or should not allow the co-mingling of deposits into the account.

Adding New Representative to Rep Payee Account

09/24/2012

I have an existing Rep Payee account. Social Security has now assigned a new Representative. Can we use the existing account and simply change the name to the new Rep Payee, or do we have to start a new account?

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Credit bureau checks for new accounts

11/17/2024

What types of accounts does a financial institution need prior authorization for from a client before running Chexsystems? How does a financial institution have to notify a client that they are going to run Chexsystems? Regarding business clients - we run biz Chexsystems on the business and the beneficial owner, correct? How do we have to notify them that we are pulling their credit to determine if we can open a new account?

Banking a sole proprietorship insurance agency

11/17/2024

When banking an insurance agency that handles only cash deposits, what documents are required? Do we have to obtain their contract agreement, if they are a sole proprietorship and are licensed with multiple agencies? I am located in Georgia and regulated by the OCC.

Completing a CTR involving multiple transactions

11/10/2024

We have a situation where a customer deposited $10,000 cash into their account that is owned by two other individuals. Later in the same day, one of the individuals makes a $200 change order on their own personal joint account. How do we complete the CTR? Do we include the 3 joint account owners for the $10,000 cash deposit, then add a role for the individual for the $200change order or do we only list the individual that was involved with the $10,000 cash deposit, with the transaction being conducted on their behalf (with no one conducting the transaction) and the $200 change order conducted on their own behalf.

Powers of an authorized signer on a trust account

11/10/2024

A trustee has appointed an authorized signer (not a successor trustee in this case) to their trust. The trust documents give them the power to do this. If the trustee who appoints the authorized signer dies, when do the powers of the authorized signer cease? At the time the trustee's death, or when new trust documents are drafted by the successor trustee(s)?

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