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#2027283 - 07/15/15 06:16 PM 9 ACHs from Social Security each month - Need Help
BC78a Offline
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BC78a
Joined: May 2006
Posts: 311
New York
I have a customer that is receiving 9 ACHs from Social Security each month. The ACHs are to him for the benefit of other people. The beneficiary names sound as if they are related to each other and to the customer. Do we have a concern? Should we be filing a SAR? All the funds are going into the same account.
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#2027288 - 07/15/15 06:21 PM Re: 9 ACHs from Social Security each month - Need Help BC78a
Elwood P. Dowd Offline
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Elwood P. Dowd
Joined: Aug 2001
Posts: 21,939
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All I can say is that it is feasible that one family member is acting on behalf of several others who are entitled to receive benefits. Representative payees, other than parents, are required to open separate accounts for each beneficiary. The account should otherwise reflect the fact that the funds are held in a fiduciary capacity.

My first step would be to look at 2 - 3 months worth of activity in the account and see if it appeared the funds were being used for the benefit of others. My second would be to call the account owner and ask for an explanation.

SSA's Guide for Representative Payees
Last edited by Ken_Pegasus; 07/15/15 06:31 PM. Reason: Add link
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#2027291 - 07/15/15 06:27 PM Re: 9 ACHs from Social Security each month - Need Help BC78a
BC78a Offline
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BC78a
Joined: May 2006
Posts: 311
New York
Thanks, will do that.
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