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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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You can’t change Reg E because you want to

12/29/2024

How can we shorten the time limits in regard to a customer reporting a problem in for Reg E? Our card agreement requires provisional credit in five business days, so we want the customer to be forced to notify us sooner.

Authorized signers on a bank's own accounts

12/29/2024

I'm looking for some insight on bank controlled internal accounts (i.e. cashier's checks, accounts payable, interest disbursements, etc). I need to perform account maintenance and add signers to the accounts. Are there any compliance regulations that can help steer me in the right direction as to who in our institution should be signers on these accounts? For our cashier's checks, we are not limited to bank officers, so any employee with signing authority can sign a check, but they do not have access to the accounts outside of that. There has been debate about who should be on the accounts and if it needs to be those who are reconciling or processing funds.

ATM Trends and Threats

12/29/2024

Marking the beginning of modern self-service banking, the first Automated Teller Machine (ATM) was installed at a Barclays Bank branch in London on June 27, 1967.

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