Republic Bank and Trust (RBT) has notified SSA that it is discontinuing its Currency Connection Direct Deposit program. The program solicited SSA beneficiaries to have their payments deposited into an RBT master account, then distributed to various sub-accounts (check cashing services or other businesses). SSA has approximately 50,000 Title II and Title XVI beneficiaries that need to make alternative payment arrangements based on this change.Now, if we could get rid of Allsup's ability to "Withdraw overpayment funds directly from claimant’s bank account using our patented electronic process."
Nov 30, 2009
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From EM-09078 issued by Social Security last Friday:
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3 comments:
"Patented electronic process". What do they mean, patented? And, how can they just reach into a bank account and take money that can be commingled with more than one person's cash? The US govt needs due process, court orders, etc to invade bank accounts. How do these guys do it without some sort of legal authority?
About these overpayments, how is the amount determined and what are the bene's appeal rights? Etc etc. And, of course, what if the bene just closes the account? Inquiring dinosaurs want to know. NO
I think that Allsup just sets up a joint account with the beneficiary which gives them the ability to remove the funds.
"Patented" my @$$.
I think Jesse James had the original patent, but at this point it is in the public domain.
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