Custodial account, direct deposit, lump sum payment

Discussion in 'General Discussion' started by slw57, Mar 11, 2012.

  1. slw57

    slw57 Newbie

    My mother was approved for Aid and Attendance as surviving spouse in July 2011. She started receiving her monthly benefit as direct deposit to her checking account. In December, 2011, we met with the field agent at her ALF and about three weeks later I received a letter naming me as my mother's fiduciary. I was given a letter to take to the bank and set up a custodial account to which my mother's monthly benefits checks would be deposited, as well as her retroactive lump sum payment.
    I established the custodial account and as directed sent a blank cancelled check to the VA fiduciary office to start direct deposit to this custodial account. That was done the beginning of January, 2012. My mother's benefit check for January was sent in the mail to me because the custodial account had not been established yet. But then the February check also came to me, as did the March check. I contacted the fiduciary office by phone in February and was told my mother's direct deposit application had not been processed yet. This is also holding up her lump sum payment which she needs soon because she is running low on money.
    I was wondering how long anyone else had to wait for the direct deposit to be started to the custodial account and how long of a wait for the lump sum payment to be deposited.
    This web site has been so helpful...thank you to everyone who contributes to it!
  2. Ktakacs

    Ktakacs Newbie

    I am in the same situation. My mother's check started in April 2011 into her checking account directly. In September I was named fiduciary and set up the custodial account. Luckily for me the retroactive monies check came within a month of being appointed to me in the mail. In January I called the direct deposit line and gave them the information on the phone for direct deposit. Since than February and March's checks have come to me as they have been since I was appointed. I would like to get the direct deposit thing going again as I travel and don't live int he same state as my mom and would like the peace of mind of the checks going directly to the bank. When should I call again ? Should I be calling a special fiduciary account center to set this up ? I had no problem when she was first awarded the benefit and I had requested direct deposit at time of application. Any suggestions ?

Share This Page