Representative Payee Accounts: Know the Rules

Verify that the beneficiary is in the credit union’s field of membership.

October 19, 2010
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Requests for information

Sometimes the beneficiary of this type of account might ask the credit union for account information, such as balances, transaction history, and so on. Can you release this information to the beneficiary?

The SSA doesn’t address this question in its representative guide. Informally, the SSA leaves up to each credit union whether to release account information to a beneficiary.

Some issues to consider in relevant policies include:

  • Any physical or mental limitations of the beneficiary;
  • Privacy issues; and
  • Proper identification of the beneficiary.

Visit SSA’s website for more information about representative payee accounts.

CHRIS COLLVER is senior regulatory and legislative analyst for the California and Nevada Credit Union Leagues. Contact him at 800-472-1702, ext. 6053.

This article first appeared in Front Line Newsletter.

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