Fiduciary Account Direct Deposit

Discussion in 'Share Your Personal Experience' started by InTheWoods, Jan 30, 2015.

  1. InTheWoods

    InTheWoods Newbie

    We had a dickens of a time trying to get direct deposit for my father-in-law's fiduciary account. My husband was appointed fiduciary in December and immediately opened a new account at the same bank where the VA pension check had been deposited for the previous 6 months. The bank said they would contact the VA and advise them of the new account number and the direct deposit would be transferred. We received the January payment and the lump sum payment via U.S. mail. The bank assured us the request had been sent to the VA, but it was just after the New Year so we figured it just didn't have time to be processed. We just go another check in the mail. Called the Salt Lake Fiduciary Center to find out how to enable direct deposit. While on hold I read the Fiduciary Handbook and searched the Internet to find an answer to this best kept secret of the VA. No answers in the book or the web. Turns out you have to apply for direct deposit via telephone and it is entered into their system then and there. Why they don't provide that info anywhere is a mystery.
     
  2. vetadmin

    vetadmin Administrator Staff Member

    Just one of many, but glad that you found out what you needed to do.
     
  3. VA Legal Team

    VA Legal Team Full Member

    There's also a form: VA Form 24-0296. I do agree that phone may be easiest, assuming you can get someone on the phone.
     
  4. InTheWoods

    InTheWoods Newbie

    I asked the person on the telephone if there was a form we could send in and he said the telephone is the way to do it. He didn't even provide a form number. Forms probably languish in an inbox somewhere. He said to call first thing in the morning, Tues - Thurs, for shortest wait time.
     
  5. Sperry8

    Sperry8 Newbie

    This is helpful. I am awaiting to become my Father's fiduciary and now I know that I should call with the new account #'s when approved. My biggest fear has been to stop the current direct deposit when all this happens. I really don't like messing with something when it works!
     
  6. InTheWoods

    InTheWoods Newbie

    The VA stopped the direct deposit to his checking account as soon as my husband was approved as fiduciary. (The approval took less than 2 weeks.) However, there was no interruption in payments. The paper checks arrived on time. We weren't expecting the back pay check so soon either. We went to the bank to deposit the monthly pension check and received the back pay check two days later. We're happy to be finished with the bank lines now.

    Here is something else we learned from the VA agent who handled the fiduciary. When we go to Social Security to get permission to open a similar account for his Social Security payments, we are bringing the VA fiduciary approval letter. Social Security will honor that letter and getting the account should be a slam dunk. We were told if Social Security resists, to politely ask to speak to a supervisor. The appointment is today. We have to remember to get Social Security's direct deposit instructions!
     
  7. vetadmin

    vetadmin Administrator Staff Member

    Thanks for sharing your insights, and so glad you made it through the entire process!!
     
  8. InTheWoods

    InTheWoods Newbie

    Things didn't go quite as smoothly as we had hoped with Social Security. They want an original letter from his doctor certifying that he has dementia. We brought the VA letter appointing my husband as fiduciary, but that letter didn't say anything about dementia. I wish I had brought my enter packet of VA communications. An earlier VA letter may have satisfied Social Security's requirements. I am sending them a copy while waiting for the doctor to prepare a letter. He only works three mornings a week, so it may take him awhile. At least my father-in-law has stopped threatening to close his bank account!
     
  9. Sperry8

    Sperry8 Newbie

    Did SS take the copy of the Doctor letter? Or did they require an original?

    Did you only need the VA letter and one of these two letters for SS fiduciary acct?
     
  10. InTheWoods

    InTheWoods Newbie

    The person we dealt with at Social Security said they do their own fiduciary investigation. However, bring the copy of the VA letter that states the person has been found to be unable to handle financial affairs due to a diagnosis of dementia, just in case. There doesn't seem to be much consistency with Social Security. While the VA conducts credit checks on fiduciaries, Social Security does a criminal background check and no credit check. Social Security required an original letter from the doctor, which they did not return to us. Ask your doctor to sign two originals for you, in the event you may need another original for other legal purposes.
     

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