Do we have the right to setoff on a representative payee account (without Social Security deposits)? The delinquent mortgage was taken out by the beneficiary, and now the payments are not being made.
Can the Representative Payee on an account name themselves as the beneficiary of the account, if the owner of the account wants them to be the beneficiary?
Can the beneficiary of a Rep Payee account change their address for their client record and on the account?
Should ChexSystems be run on POAs, Rep Payees, Executors, any fiduciaries?
If a child is an owner on the account, but not the signer on the account can we give the child the balance? Same for a Rep payee account. Can we give the owner the balance, even though he is not the signer?
I have a customer who is opening an account for her husband to receive his Social Security disability payments and she is the representative payee. Is there a certain way that should labeled on the signatory card and shouldn't her husband's SSN be used?
If a beneficiary of a representative payee account calls and wants to know the balance of their account, are we allowed or required to tell them since they are technically the owner?
When a representative payee account is opened, we monitor daily debit transactions to make sure that the beneficiary of the funds is not signing checks. There is discussion here concerning the necessity to review these or not. We have one employee who worked at another financial institution where they did not monitor daily debit items and wonders why we do here. I am wondering if the reason to do this is that even though the account is opened under the beneficiary's name and is a single owner account the only signer is the rep payee. Also, I know that SSA's rules are that that only SSA money should be deposited to this account. There have also been discussions as to whether this is absolutely necessary or not. I guess my question is, do we need to monitor the account for signatures and if we can or should not allow the co-mingling of deposits into the account.
I have an existing Rep Payee account. Social Security has now assigned a new Representative. Can we use the existing account and simply change the name to the new Rep Payee, or do we have to start a new account?
When opening an account with a rep payee, what is the correct way to title the account and who would be considered primary account holder?