Documentation to Open Representative Payee Acct.

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Question:

When opening a Representative Payee account, I have always been instructed to request the documentation from Social Security appointing the Representative to set up the account. Is this correct, or can just a copy of the check be used?

Answer:

Answer by Ken Golliher: Any documentation requirements you impose are those designed by your bank; there is no legal checklist for required documentation. It is appropriate to ask for a copy of the letter appointing the personal representative. However, a copy of the check payable to the personal representative proves the relationship just as well.

Answer:

Answer by John Burnett: In the next year or so, Treasury will have completed its phase-out of paper checks (or so it says). Assuming that it does happen, the check copy won't be a viable choice.

First published on BankersOnline.com 1/30/12