I want to open a Representative Payee account. I have all of the paperwork, but my bank said that they do not open them anymore. Can they do this?
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The bank is not obligated to accept Representative Payee accounts. The bank may have decided that such accounts tend to be low-balance accounts that cost the bank too much to maintain on its books. Another bank may be happy to accept the deposit, based perhaps on the potential for other business from you.
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The bank is not obligated to accept Representative Payee accounts. The bank may have decided that such accounts tend to be low-balance accounts that cost the bank too much to maintain on its books. Another bank may be happy to accept the deposit, based perhaps on the potential for other business from you.
