Compliance Question of the Week
May 1, 2012
May 1, 2012
We received a Notice of Reclamation from the Social Security Administration… but the member is still alive. In fact, he’s standing right in front of me. What should I do?
You are still required to complete and return the notice of reclamation. Here’s what to do:
- Correct the error in the fact of the death on the Disbursing Office Copy of the Notice of Reclamation. You would check the first box marked “Recipient/beneficiary did not die; financial institution will not take further action,” in the section “THIS BLOCK FOR FINANCIAL INSTITUTION USE” on the second page of the Notice of Reclamation.
- Sign Certification #1 on the back of the Disbursing Office Copy of the Reclamation certifying that a correction has been made.
- Return in a timely manner the Notice of Reclamation with a copy of proof of error in fact of death to the Government Disbursing Office.*
- * Acceptable proof would be:
- Driver’s license, picture ID or other evidence similar to that required for cashing a check, if the recipient or beneficiary appears at the credit union.
- A signed, dated, and notarized statement attesting to the fact that the recipient or beneficiary is alive if, he/she is unable to appear at the credit union.
Treasury Greenbook – Reclamations
Questions? Contact the Compliance Hotline: 1.800.546.4465, email@example.com.
Posted in Compliance News.