LetsCareForMom Asked October 2016
Looking for an online bank that will set up a representative payee account to manage Mother's affairs from a distance?
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I manage my mother's affairs from a distance acting as her new representative payee payee, what banks understand how to set up this type of account?
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Curious why you aren't allowed a joint account? My Dad and I had set up several joint accounts at one bank that read "John Doe or Jane Doe" so I can sign on his behalf. One account was checking. The other was a Money Market.
These accounts were only used for my Dad, to pay any of his bills, and for him to reimburse me for anything I was paying, such as the caregivers. Any time I wrote a check, I made a photo copy of the bill and the check right on the bill, before mailing it out. This was important just in case down the road my Dad might had needed Medicaid.
"A checking account is better in some ways, because you will have cancelled checks or statements that show how you spent the funds. If you decide to use a checking account, consider that some beneficiaries cannot keep balances high enough to avoid service charges. But if you must pay bills through the mail, a checking account might still be cost effective because cashier's checks and money orders have charges associated with them, as well. You should set up an account that minimizes fees and enables you to keep clear records. We encourage using interest-bearing accounts. You must title the bank account so it is clear the money in the account belongs to the beneficiary."
https://www.ssa.gov/payee/
Even with online banking, it is important for me to be able to use the phone to get balances and recent transaction, or transfer between accounts.
Then, there is always that unavoidable trip to the actual bank.
So I would advise getting a bank large enough to have a branch in both person's area, closeby.
Most would not agree with my way of doing banking, and say that online meets all their needs. But I am a person that if I want my money today, then I am not waiting for the bank or internet to do their thing.
"the beneficiary, not the representative payee, owns the SSA benefits funds.
The representative payee serves in the capacity of “manager” of the account, not the owner, so base membership eligibility on the beneficiary.
Make sure the account is set up in your system so the beneficiary is listed as the only owner. Neither the representative payee nor a third party can have ownership interest in the account.
On the other hand, while the beneficiary retains ownership interest, the account title shouldn’t permit the beneficiary to have direct access to the funds in the account.
Here are two recommended titles:
'(Beneficiary’s name) by (representative payee’s name), Representative Payee.'
'(Representative payee’s name), Representative Payee for (beneficiary’s name).'
Because the beneficiary owns the funds in a representative payee account, use the beneficiary’s tax identification number on the account for reporting purposes."