When opening a Representative Payee account, I have always been instructed to request the documentation from Social Security appointing the Representative to set up the account. Is this correct, or can just a copy of the check be used?
On a rep payee account, can the actual owner of the funds be given a copy of the account history?
The Ward dies on a representative Payee account. Does the Representative Payee assignment end at death? Typically, we require probate court to assign a personal representative in South Carolina.
We have a customer that has a representative payee on his account and has his SSI direct deposited. The rep payee has died. The customer has a new payee appointed to his funds through Social Security and has brought the paperwork to us where he has made the change. We are not changing ownership of the account just changing payee names. Would you close the account out or have the new payee sign a name change form or how would you handle this?
We have a representative payee account where the representative will sign a blank check drawn on the representative payee account and then give it to the beneficiary, who will then come into the bank and cash it. Are we ok to give a balance to the beneficiary and are we ok in cashing a for the beneficiary?
Explain the differences between guardianship and representative payee accounts. Is it just their reporting responsibilities?
Do representative payee responsibilities cease upon death of the account holder? Should we restrict account activity?
We are a bank in Ohio and I have a customer with a OTMA account for their son. They now need a representative payee account for him, and they were wondering if they could just change the current account type from an OTMA account to a representative payee account, or do we need to close out the current account and open an entirely new account?
The representative payee of an account is deceased. Can the funds left in the account be given to the beneficiary? What steps need to be taken with the funds in the account?
We had a rep payee pass away recently, and another individual (not the beneficiary) came in wanting to access the funds for her nephew (the beneficiary). What documentation should we require before releasing the funds?