If we have a representative payee account and the ward on this account comes to the bank with a check made payable to himself, and wants to cash it, what right of offset do we have? If this were to be a bad check, could we charge it back against the account, since the ward is the owner of the account?
Other than a signature card, are we required to get any other legal documents when opening a representative payee account for an adult?
I am reviewing a trust where two individuals are the trustees of a Revocable Trust for their mother. The two individuals, trustees, want to add their mother and a sister as agents. The trust agreement allows for the appointment of agents. They want thier mother's social security check to go into this account that is using a #38 TIN that is not the mother's social security number. Will there be a problem with a direct deposit of social security going into a trust account where the TIN on the account is not the social security number of the person receiving the social security benefit?
A customer has requested the Social Security office to appoint a new representative payee for her account. This was granted. How do we handle the change, and can the new rep close the existing account?
We have Representative Payees accounts and want to know if it is okay for the representative to inquire about information on the account, but not have access to withdraw the funds?
Can a treasury check made payable to John Doe "for" Jane Doe be cashed, or does it have to be deposited into an account with both names on it?
Are there any risks to the bank in offering services such as debit cards, telephone banking, and internet banking to fiduciary-type accounts such as UTMA accounts or rep payee accounts? I understand that state laws would apply, but aside from state laws, are there any liability risks?
Recently we charged off an overdrawn account that was a representative payee account. We are now faced with the question of who, if anyone, can we go after to collect this debt. The owner of the funds who has no authority on the account or the representative payee? This could also be a problem on other custodial account types. Should these accounts ever be allowed to become overdrawn?
What is the proper titling for a representative payee account for Social Security and what would the relationships be?
How should a representative payee account be set up? The minor child is receiving Social Security and the mother is the guardian and representative of the child. Which Social Security number do we use?