Setting Up a Minor Representative Payee Account

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Question:

How should a representative payee account be set up? The minor child is receiving Social Security and the mother is the guardian and representative of the child. Which Social Security number do we use?

Answer:

Actually, both. The minor is the owner of the funds and his or her Social Security number should be listed on the account record for tax reporting purposes. However, the mother is your customer under the CIP regulations, so you will have to obtain her identifying information in order to fulfill the CIP requirement and that includes her Social Security number if she is a U.S. person.

First published on BankersOnline.com 5/19/08