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Titling a Representative Payee Account

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Question: 
What is the proper titling for a representative payee account for Social Security and what would the relationships be?
Answer: 

The account should be titled in this format:

IMA REPRESENTATIVE, REP PAYEE FOR
BETTY BENEFICIARY

Betty is the non-signing owner of the account. Ima is the fiduciary. For purposes of CIP, unless Betty is legally incapacitated she is your customer. Betty's TIN should be reported to the IRS in the event a 1099 is generated.

First published on BankersOnline.com 11/03/08

First published on 11/03/2008

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