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

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.