Custodian Accounts
A custodian account is allowed to have a debit card? True or False
False
An estate account may be opened by any new or existing member. True or False.
False, we only open estate accounts for existing members before their death.
General Memberships can be individual or joint as long as they live in Maryland, DC or VA. True or False
False, Must be part of our membership. DC, Frederick and Montgomery counties. Alexandria, Arlington, and Fairfax counties.
Social Security Rep Payee accounts can have direct deposits from an employer? True or False
False, should only be for the beneficiary receiving income.
What code would you use for a cash withdrawal?
SW CD
When looking in symitar (Xperience/Epsisys) how can you tell an account is considered a custodian other than the account type listed?
MDUTMA (BEN)
Estate accounts can accept copies of the letters of administration and death certificate. True or False
False, we only accept originals.
A checking account may be opened at the age of 13 as long as an adult over 18 years of age is on the account with them. True or False
False, 14 and above.
Who is able to withdrawal on this type of account? Who appoints this person?
The Representative Payee appointed by Social Security
A member wants to make a payment from their checking account to their VISA Credit card, what code would you use?
Who is able to withdrawal on a custodian account?
The custodian only, the minor may only deposit.
Estate accounts can receive check deposits payable to the deceased and to the estate. True or False?
True.
No, we do not. Second Chance is only if a member closes their checking and chooses at a later point to reopen a new one.
Name two out of many things that the representative payee could use this account for to pay for the beneficiary.
Housing, Food, Electric, Cell Phone, Doctors, Medicine, Insurance.
A member comes in the branch to transfer funds from their checking account to their daughter's savings account. Which code is the most appropriate to use?
SW X SD Y
A custodian may receive their direct deposit and deposit checks payable to them into this account? True or False
False, the minor may only receive deposits. The custodian can allow allotments to be transferred every pay from their payroll.
Where do members go to get a TAX id number for the estate?
lRS website or they can call 800.829.4933
A power of attorney may be submitted to who and how long does it take to be approved?
Manager/Legal Team, Up to one week.
Name the three required documents needed in order to open this account.
Social Security Letter, Driver's License of the beneficiary, and Driver's License of the Rep Payee.
A member would like to do a cash advance from their Credit card, what would be the most appropriate transaction code?
SD GL SC (@CASHADV)
Name three services that are allowed on a custodian account.
savings, sub-savings, share certificate, online banking, telephone banking, e-statements.
Name four services that an estate account is allowed to have on their account.
Savings, Checking, Online Banking, Estatements Mobile Banking.
Courtesy pay has three different limits. What are the limits and how is it assessed how much each member is assigned if they opt-in?
$100 for all new accounts under 30 days, $500 after that with no direct deposit, $750 is maximum based on direct deposit.
Name four services that are allowed on a Social Security Rep Payee Account
Savings, Sub-Savings, Share Certificate, Money Market, Checking, Debit Card, Online/Mobile Banking, Bill Pay, E-Statements, Phone Banking
A member wants to use a check to pay their credit card, what is the hold that we would place on the $4000.00 check and what transaction code would you use?
None, KR SD SW X LP