Can you cash a SSI check made payable to a rep payee for a beneficiary if they don't have an account styled that way? The rep payee has a personal account. Would you have chargeback rights against the rep payee?
Are there any regulations that govern ATM card issuing for rep payee accounts (SSI/SSA)?
A customer deposited 12000.00 into his personal account and deposited 300.00 to his and his wife's account. Is the wife included in the CTR since the amount affecting her is 300.00?
Can beneficiary be added to a business account that is set up as a sole proprietorship and using the individuals social security number on the account?
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?
We have a customer that receives SSA on the 8th of the month. This customer died August 8th, the same day her Social Security went into her account. Do I have to send the money back to SSA? Everything I read says if they die before the deposit then I must return, but nothing about the same day.
Is it required to file a CTR on companies payroll accounts where there is numerous checks being cashed? It has been my experience that we never had to do this in the past, even though these companies were not on our exempt list.
Sammy Smith, age eighteen, cashed a $3,000 cashier's check at our teller window last week. Today, as Security Officer, I learned that the check was fraudulent. Sammy has the proceeds of an insurance policy sitting in a UTMA account naming him as beneficiary (it was the reason, the teller told me, that the check was cashed for him).There is more than the amount of the bogus check in the UTMA account. Can we set off against the account to avoid having to take legal action against Sammy if he doesn't pay for the fraudulent check himself?
In the past, we have allowed grandparents to open savings accounts for their grandchildren with the grandchildren being the primary owners and the grandparents as secondary. They would have the child's social security number. They would sign the child's name,(child is unable to sign due to age). Relative to CIP purposes can this still be done?
Regarding OFAC, if an account has been blocked due to a possible SDN match for a POD beneficiary, but the primary has been cleared, can the bank allow the primary to open a new account for himself, so that he may deposit funds while the POD beneficiary clears his name with the US Treasury OFAC division?