Show:
POWER OF ATTORNEY / ATTORNEY-IN-FACT
REPRESENTATIVE PAYEE (REP PAYEE)
TRUST
FIDUCIARY ACCOUNTS
100

Does the bank reserve the right to reject any Power of Attorney documentation presented?

Yes.

100

What are the only two forms of required documentation needed to establish a Rep Payee account? 

  • Letter from Social Security Administration           -or-
  • Check from Social Security Administration
100

Are we archiving or retaining any original Trust documents from the customer?

No.

100

Can you export any changes on Fiduciary Accounts without collecting all required documentation and gathering all signatures first?

No.

Exceptions should be limited and require management approval. 

200

Do all Power of Attorney types terminate upon death of the principal?

Yes.

  • All Powers of Attorney terminate upon death of the principal (even Durable Powers of Attorney)
  • POA has no authority to write checks after principal’s death
  • “Durable” because Power of Attorney continues after mental incapacity of the principal, not after death of the principal.
200

Who is the tax pointer on Rep Payee accounts? 

The owner.  NOT the Rep Payee.

200

In lieu of the customers Trust documentation, we now require what? 

An Internal "Trust Certification".  

*This will prompt in BPM when "Trust" is selected within the workflow.

200

There will be situations where a Fiduciary Account is complex or your teams may have questions, who should they utilize?

1. Their Direct Managers

2. Fiduciary@midambk.com

300

What other reasons (2) may a POA terminate, aside from death of principal? 

  • Expiration date, if stated in POA
  • Court order appointing a guardian or custodian, this will trump a POA
300

What is the "Account Ownership" of a Rep Payee account? 

Individual.

Relationship codes:

-Owner

-Rep Payee

300

Who fills out the Trust Authorization?

The customer.  

It is appropriate that we ask the questions and type in the information, but the answers must come from the customer based on their Trust Documentation. 

300

What are the 5 types of Fiduciary Accounts?

1. POA

2. Rep Payee

3. Conservatorship

4. Estate

5. Trust

400

Out of the following Power of Attorney document types, which types are typical for Financial POA's?

  • General POA
  • Durable POA
  • Limited (or Special) POA
  • Springing POA
  • Medical (or Healthcare) POA
  • Financial POA
  • Military POA
  • Durable POA
  • Limited (or Special) POA
  • Financial POA
400

If a Rep Payee changes, are we able to keep the existing account and change signers?

No.  A new account must be established and the current account closed.

400

What type of accounts may be opened for Trusts? 

Personal.

400

When items require an approval from ABM or more senior, if their manager is not in branch, how will your team obtain approval?

BM extension 1020 will ring all ABM and BM's

500

Walk us through reviewing POA paperwork and key items you are looking for prior to proceeding with account changes. (8 steps)

  • Confirm the POA is valid
  • Check for appropriate POA type
  • Confirm the POA is current and effective
  • Verify the POA does not have conditional or springing language
  • Confirm that all triggering conditions listed in the POA have been met
  • Confirm scope of authority
  • Obtain approval from an ABM or more senior
  • Obtain a valid government-issued ID from an attorney-in-fact. 
500

How should a Rep Payee account be titled?

Jim Smith by Mary Smith Representative Payee

500

Does the Trust Certification need approved prior to proceeding with the account?

If so, by who?

Yes.

Must be approved by an ABM or more senior.

500

Are the procedures available set in stone, or is this a pilot?  Is the RPG requesting any and all feedback?

PILOT.  

YES.