Bank account for VA pension award?

[Caroliso]

Talk about planning ahead...

I remember reading somewhere that one should have a separate bank account for the Va to direct deposit the awarded funds.  Since I assume that is what I should put on the application, I'm thinking about that now.

Can that account be in my name only?  My dad is homebound so he can't go anywhere to sign papers to open an account. 

We already have a joint account but that is where his SSI and pension payments go, and I believe it is not advised to mingle the funds.

Thanks,

Carol

[vetadmin]

The bank account that he currently has with his SSI pension payments go is fine.  the VA is just going to auto deposit it into the account, which does have to be in his name.  Would suggest using this account and just adding yourself to it if you are not already on it.

[Caroliso]

Thanks.  My dad had the foresight to put me on his account a few years ago so we are all set.

[nananorma]

One thing I learned, as Fiduciary, is that the account has to list your parent's name, then your name, followed by "Custodian".  Don't know if you are a fiduciary or not, but this seemed to make a difference to the VA.  The only bank I found that would do this for me without a court order was Wells Fargo.  Bank of America, American National Bank nor Chase would set it up that way.  The VA office in Waco, TX actually told me that Wells Fargo would do it, and they did with no problems.

[Caroliso]

One thing I learned, as Fiduciary, is that the account has to list your parent's name, then your name, followed by "Custodian".  Don't know if you are a fiduciary or not, but this seemed to make a difference to the VA. 

Nope, not a Fiduciary in the eyes of the VA yet, I thought that came once they'd received the application and determined that there was a question of my dad being able to be responsible for managing the funds.  I wonder if others have found that "custodian" designation was required on the bank account?

[Fit2009]

Once you get the letter from the VA stating that you are fiduciary you can go to the bank wiht that for the custodian account.  There is no need in the eyes of the VA to do it before the award is granted, they do not require it to begin the monthly deposit and for the retro only if their is a competency issue which would come up after the award is granted.