Social Security Administration April 21, 2008 – Federal Register Recent Federal Regulation Documents

Use of Master and Sub Accounts and Other Account Arrangements for the Payment of Benefits
Document Number: E8-8576
Type: Notice
Date: 2008-04-21
Agency: Social Security Administration, Agencies and Commissions
We are issuing this notice to obtain public input regarding an anticipated change to an Agency payment procedure that permits benefit payments to be deposited into a third-party's ``master'' account when the third party maintains separate ``sub'' accounts for individual beneficiaries. We anticipate changing our current procedure in light of concerns about how high-interest lenders are using this master/sub account procedure. We are also seeking comments on the practice that some beneficiaries follow of preauthorizing their banks to transfer their benefits to lenders immediately after the benefits are deposited into their accounts.
Agency Information Collection Activities; Comment Request
Document Number: E8-8358
Type: Notice
Date: 2008-04-21
Agency: Social Security Administration, Agencies and Commissions
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