Opening Accounts for Social Security Representative Payees

Your institution opens accounts for social security representative payees. Are you setting them up right? Should you issue debit cards? What money can go in and out of these accounts? This important topic will be discussed in detail to help prevent your credit union from making costly errors in the account opening process. You will learn how to set these up on account cards, how to handle checks and other issues that come up with these accounts receiving federal benefits in them.

Registrants will also receive "A Guide For Representative Payees" from the Social Security Administration as well as "Managing someone else’s money: Help for representative payees and VA fiduciaries" from the CFPB.

What You Will Learn

  • What is a representative payee?
  • Can the account be joint?  Can the representative payee order a debit Card?
  • Do these have to be savings accounts?
  • What can the representative payee use the account for?
  • If the representative payee gets money for more than one person, how is account set up?
  • What if representative payee is a group home?
  • What if representative payee dies or resigns?
  • What happens if owner dies?
  • Can we give balances to beneficiary?
  • May the representative payee overdraw the account?
And many more questions and answers

Who Should Attend?

This webinar will benefit tellers, share account representatives, business bankers, personal bankers, branch managers, training and all front line personnel.