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Stop Payments
John Burnett

April 15
UDAAP - Lessons Learned from Enforcement Actions
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April 16
Handling ACH Origination Exception Issues
Shelly Simpson

April 17
Fair Lending - Internal Monitoring
Patricia Cashman

April 22
A Banker's Guide to Virtual Currency
Andrew Beal

April 24
BSA/AML Compliance: Writing the SAR Narrative
Ken Golliher



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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: 75
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: 17218
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: 16660
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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#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: 26
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 Offline

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Registered: 10/27/00
Posts: 25099
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: 16660
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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