- 1). Contact banks in the beneficiary’s area and ask about setting up an interest-bearing account based on the needs of the beneficiary. For example, ask banks about accounts that have no minimum balance requirements. If the beneficiary also needs a “dedicated account” to receive past-due benefits for use to pay specific approved expenses, explain the situation to the bank representative.
- 2). Schedule an appointment with one of the banks to set up an account. Ask what information or documentation you should bring with you to the appointment, such as the forms of identification the bank requires for this process. If you’re setting up a dedicated account, you will need to take the dedicated account letter you received from the SSA to the bank.
- 3). Go to the bank and discuss available account types in more detail. For example, if you can’t set up a no minimum balance account, discuss fees associated with the account. Once you’re satisfied with the answers you receive, set up the account for direct deposit or paper deposits with the beneficiary as the account owner and you as the fiduciary.
Source...