There is a Guide for Representative Payees on the ssa.gov website that provides guidance on setting up the accounts.
How funds should be held
It is a good idea to ask us to directly deposit monthly benefits into a bank account. We recommend that you hold benefits in a checking or savings account to protect against loss or theft. Also, do not mix the beneficiary’s funds with your own or other funds.
If any money is left after meeting the beneficiary’s day-to-day and personal needs, it must be saved. The preferred ways of saving is U.S. Savings Bonds or an interest-paying bank account that is insured under either federal or state law. Interest earned belongs to the beneficiary.
To protect the beneficiary’s funds, the checking or savings accounts title must reflect the beneficiary’s ownership of the funds and your relationship as a fiduciary (financial agent). Neither the representative payee nor any other third party can have ownership interest in the account. The beneficiary must never have direct access to the account. Any account title (under state law) that shows beneficiary ownership of the account with you as fiduciary is acceptable. Do not use joint accounts. Here are two ways we
recommend to title the accounts:
* (Beneficiary’s name) by (your name), representative payee.”
* (Your name), representative payee for (beneficiary’s name).”
Your bank will provide help if you have additional questions.
An exception for parents who are representative payees
A common checking account for all family members living in the same household who receive benefits may show a parent as the owner of the account. Children’s savings, however, must be held in a separate savings account for each child, with the child’s name shown as the owner of the account.
Life without Jesus is like an unsharpened pencil - it has no point.