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January 6, 2015
Business Accounts Documentation and Procedures with Beneficial Ownership
Deborah Crawford

January 6, 2015
FFIEC Cybersecurity Initiatives and Observations from the 2014 Assessments
Susan Orr

January 15, 2015
The ABC's of IRAs - The Basic Ingredients
Patrice Konarik

January 20, 2015
B & Z Appraisal Rules - Getting Them Right
Jack Holzknecht

January 21, 2015
HMDA Soup to Nuts
David Dickinson

January 22, 2015
Navigating the Treacherous Waters of IRA Rollovers, Transfers and Beneficiary Payouts
Patrice Konarik

January 28, 2015
Mortgage Life Cycle
Part I
David Dickinson and Jerod Moyer



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#1665918 - 02/15/12 05:10 PM SS checks required to be cashed?
learningbanker Offline
Member

Registered: 11/10/04
Posts: 76
Loc: Massachusetts
If a bank accepts Social Security checks as direct deposits, is the bank also required to cash social security checks for non-customers.
I am from Mass. and know of the Mass law that requires banks to cash retirement and pensioneers checks for non-customers, but I'm looking to see if Social Security checks for non-elders or for a dependent are required to be cashed for non-customers if the bank allows direct deposit of federal government checks for customers? Someone told me this, but I can't find where it may be stated.
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Deposits and Payments
#1665919 - 02/15/12 05:11 PM Re: SS checks required to be cashed? [Re: learningbanker]
BrendaC Offline
Power Poster

Registered: 09/18/01
Posts: 6029
Loc: Sweet Home AL
Never heard of such a rule.
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#1665938 - 02/15/12 05:44 PM Re: SS checks required to be cashed? [Re: learningbanker]
HappyGilmore Offline
10K Club

Registered: 06/11/04
Posts: 17521
Loc: Moron, Mongolia
likely that would be covered in the US Treasury Green Book...
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#1665995 - 02/16/12 05:43 AM Re: SS checks required to be cashed? [Re: learningbanker]
Ken_Pegasus Offline
10K Club

Registered: 08/30/01
Posts: 17577
Loc: Another trip around the sun
Someone is pulling your Fruit of the Looms. There is no such requirement at the federal level...
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"Oh God, thy sea is so great and my boat is so small." Breton fisherman's prayer in JFK's office.

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#1666006 - 02/16/12 07:43 AM Re: SS checks required to be cashed? [Re: learningbanker]
She Golfs Offline
Junior Member

Registered: 03/05/04
Posts: 27
Loc: massachusetts
You are looking for Mass General Law, Chapter 167 section 46. Also 209CMR 35:00.

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#1666175 - 02/16/12 10:22 AM Re: SS checks required to be cashed? [Re: learningbanker]
BrendaC Offline
Power Poster

Registered: 09/18/01
Posts: 6029
Loc: Sweet Home AL
http://www.malegislature.gov/Laws/GeneralLaws/PartI/TitleXXII/Chapter167/Section46

Very interesting. There is a "registration" process, but no account is required.
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#1666215 - 02/16/12 11:16 AM Re: SS checks required to be cashed? [Re: Ken_Pegasus]
Andy Z Online

10K Club

Registered: 10/27/00
Posts: 25296
Loc: On the Net
Originally Posted By: Ken_Pegasus
Someone is pulling your Fruit of the Looms. There is no such requirement at the federal level...


A compliance super wedgie.

I agree but so often we do caveat answers with, your state laws may vary. This is one of those issues.
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#1666768 - 02/17/12 09:31 AM Re: SS checks required to be cashed? [Re: Andy Z]
Ken_Pegasus Offline
10K Club

Registered: 08/30/01
Posts: 17577
Loc: Another trip around the sun
Quote:
at the federal level...


Properly caveated. The question indicated state law had already been reviewed.
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"Oh God, thy sea is so great and my boat is so small." Breton fisherman's prayer in JFK's office.

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