Specialized: Rep Payee & More - Final Review

Who can appoint a Representative Payee for a Social Security or SSI beneficiary?

• The beneficiary themselves

• A family member

• The Social Security Administration

• A legal guardian

The primary responsibility of a Rep Payee is to:

• manage the beneficiary's funds responsibly.

• provide legal advice to the beneficiary.

• make medical decisions for the beneficiary.

• offer employment opportunities to the beneficiary.

Can a business serve as a Rep Payee? Give an example.

• Yes, a financial management company can act as a representative payee for individuals who need assistance managing their benefits.

• Yes, but only non-profit organizations can serve as a Rep Payee since they have no personal interest in the account or funds.

• No, businesses are not allowed to serve as a Rep Payee.

Three of the answers are true. Choose the answer that is FALSE.
The beneficiary must be the primary member on the account, even though they cannot transact, because:

• they have legal ownership rights.

• they need to be identified for tax purposes.

• it is a regulatory requirement.

• they are responsible for account management.

What documentation is required to open a Rep Payee account for an individual?

• A check or letter from the SSA naming the Rep Payee

• Bank statement from another FI with the Rep Payee's name on it

• Employment letter stating the Rep Payee works for the company managing the funds

• Tax return showing the beneficiary as a dependant.

What additional documentation is required if a business is the Rep Payee?

• Corporate Resolutions

• Tax identification number

• Signed documentation appointing Authorized Signers

• All of the above

How long do you have to upload Rep Payee account documentation into MeridianLink?

• 1 day

• 5 days

• 30 days

• 90 days

A beneficiary can cash a check under the Rep Payee account under certain conditions.

• True

• False

Is an ATM/Debit card allowed on a Rep Payee account? Who receives it?

• Yes, the beneficiary receives it.

• Yes, the representative payee receives it.

• No, it is not allowed.

• Yes, both the beneficiary and representative payee receive it.

A Rep Payee account can have Courtesy Pay.

• True

• False