Account Requirements For The Mentally Challenged

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Question:

We have a group home in our area for mentally challenged individuals and many want to set up accounts with the bank. They receive Social Security payments made payable to representative payees. What documentation should we require for verification, and how should the accounts be titled?

Answer:

They should have correspondence from the Social Security Administration appointing them representative payee for each of their clients. Ask to see a copy of same.

Accounts should be titled "ENTITY NAME, REP. PAYEE/NAME OF ENTITLED PERSON" or flip the order of the lines if your system works that way.

First published on BankersOnline.com 11/18/02