Skip to content

Opening a Representative Payee Account

Answered by: 

Other than a signature card, are we required to get any other legal documents when opening a representative payee account for an adult?

You should also obtain evidence that the Social Security Administration has, in fact, approved the individual as a representative payee. In addition, you will have to complete your bank's standard CIP process with the representative payee as your customer (apply CIP to the individual whose benefits will be received by the representative payee only if your bank's CIP requires it), and make sure that you use the beneficiary's (not the representative payee's) Social Security number for your CIF and interest reporting systems.

First published on 5/24/10

First published on 05/24/2010

Banker Store View All

From training, policies, forms, and publications, to office products and occasional gifts, it’s available here:

Banker Store

hot right now

image description

Looking for effective, convenient training on a particular subject?

BOL Learning Connect offers more than 200 courses ON-DEMAND or on CD ROM from AML to Reg Z and every topic in between.

Search Topics