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A representative payee, or substitute payee, is a person who acts as the receiver of United States Social Security Disability or Supplemental Security Income for a person who is not fully capable of managing their own benefits, i.e. cannot be their own payee. The representative payee is expected to assist the person with money management, along ...
A representative payee can be a person or an entity appointed by the Social Security Administration — usually a relative or close friend of the beneficiary. However, the Social Security ...
As a representative payee, you might be required to fill out an annual Representative Payee Report, according to the Patrick J. Thomas Agency, a Minnesota-based provider of surety and insurance ...
A payee can be very helpful in the instance of homeless individuals who need assistance paying down debts (like utility bills) and saving for housing. About 10 percent of disabled worker beneficiaries have representative payees and about 5 percent of disabled widow(er)s have representative payees.
The representative payee generally does not charge a fee for this service, especially if the payee is a friend or relative. Social service agencies who are assigned as payee are prohibited from charging a fee, though some private payee agencies do provide the service for a small fee.
A person who is the legal custodian (representative payee) of a disabled person's money spending it on some expense other than that of the disabled person. A person who cashes the checks of a deceased person.
A Qualified Domestic Relations Order is a domestic relations order which creates or recognizes the existence of an alternate payee's right to, or assigns to an alternate payee the right to, receive all or a portion of the benefits payable with respect to a participant under a qualified plan (i.e. employer-sponsored). [2]
The payee may compromise on a debt, i.e., accept part payment in full settlement of a debtor's obligation, or may offer a discount, E.G: For payment in cash, or for prompt payment, etc. On the other hand, the payee may impose a surcharge, for example, as a late payment fee, or for use of a certain credit card, etc.
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