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Scholar of Tax
Scholar of Tax,
Category: Social Security
Satisfied Customers: 444
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I am an employee of a bank and we normally put blocks on SSA

Customer Question

I am an employee of a bank and we normally put blocks on SSA payments when we have been notified of a death. The issue is these get placed by Company ID. When researching some that have not been stopped, the company ID is changing each month, can you tell me what causes that? Thank you Teresa
JA: The Retirement Accountant will know how to help. Is there anything else the Retirement Accountant should be aware of?
Customer: Not that I can think of.
Submitted: 6 months ago.
Category: Social Security
Expert:  Scholar of Tax replied 6 months ago.

Dear Customer,

To help me address your question, would you please tell me why you did not address this issue or question to your employer but chose to ask us?

When you said that the Company ID is changing each month, are you sure that they are your Company's ID and not some dummy numbers?

Do you suspect some type of irregularities possibly done by some one with access to the bank accounts?

I would suggest that if there is an internal auditor of your bank and you think the person is mutual, you can notify him/her and maybe without disclosing who you are.

Another way to investigate further is to see whether the funds have been deposited (refunded) back to the SSA. Follow the money flow. Usually, the SSA will require the money be sent back to them.

But if you suspect anything, I think you need to follow up and document your actions. At the most basic, ask your immediate supervisor and ask him/her the question. And document on your own file.

Please feel free to follow up.

Regards,

Fiona

Fiona Chen, MPA, Ph.D., CPA, ABV, CFF, CITP