Click to return to BOL home page
Banker Store Read A Reg BOL Insiders Career Connect Learning Connect Bankers Information Network

   

















    Site Map

    Our Sponsors

    Home














Print Friendly! Email This Article! Discuss NOW!



Social Security Reclamations
Answer by John Burnett, BOL Guru
Guru BIOS

Question: If the funds deposited from Social Security have been withdrawn, is the bank liable for the amount stated on the reclamation?

Answer: There are exceptions to full liability if the bank was unaware (and is not presumed to have had constructive notice) of the death of the depositor. Look to the Fiscal Management Service's Green Book Reclamations discussion, specifically in section 2 of that part.

The Green Book only deals with payments made by direct deposit. If the payments were made by check, the same exceptions to liability are not available.

First published on BankersOnline.com 6/06/05




Home | Compliance | Lending | Operations | Security | Marketing | Technology | eBanking
BOL Archives    Privacy Policy    Important Disclaimer   Recommend This Site !   Contact Us


BankersOnline is a free service made possible by the generous support of our advertisers and sponsors. Advertisers and sponsors are not responsible for site content. Please help us keep BankersOnline FREE to all banking professionals. Support our advertisers and sponsors by clicking through to learn more about their products and services.