Representative Payee Bank Account - Investopedia
What Is a Representative Payee Bank Account? A representative payee bank account is a type of bank account designed to receive and hold funds for a beneficiary of the Social Security Administration (SSA). A representative payee bank account is usually a checking account, and is managed by a representative payee—either a person or organization that has been appointed to help manage benefit payments for a beneficiary of either Social Security or Supplemental Security Income (SSI) payments. The representative payee uses the representative payee bank account to accept benefit checks from the SSA and to use the funds to pay for the beneficiary's needs. The representative payee must also keep track of the transactions going in and out of the account, as the SSA may request a report of accounting to see how the benefits are being used. Key takeaways A representative payee bank account is an account used by an appointed person or organization to manage the ...