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Appendix 1563: Setting Up Savings Accounts

CPS January 2010

From the Main Menu page on the Citibank Web site, the accounts receivable (AR) accountant selects Open an Account from the menu bar at the top of the page.

The screen that appears is entitled OPEN A CITIESCROW CLIENT ACCOUNT. There are three questions on this page. Select the following answers:



Does the control account belong to an attorney or law firm?


Is your client any of the following: Individual, Not-for-Profit organization, Single-Member Limited Liability Company or Sole Proprietor?


Is this account being opened for the benefit of a non-resident alien?


Select Next.

For the Account Selection, the AR accountant marks Client IMMA.

Select Next.

The next page asks for specific information about the child. The AR accountant enters information as follows, using all capital letters. If a particular field is not listed below, the AR accountant leaves the field blank. Staff make the selection shown below from the drop-down box.



Client Name

CHILD'S NAME (first then last name)

Client Name (continued)


Legal Relationship Title

Other (select from drop-down list)

Legal Entity Type

Individual (select from drop-down list)

Nature of Transaction

Other (select from drop-down list)

Other Nature of Transaction


Fund from Control Account?

YES (button)

If yes, Amount of Initial Deposit

$100.00 (put down exact amount in $)

Source of Funds

Transfer from Existing Citibank Account (select from drop-down list)

Intended Balance of Account

Less than $25,000 (select from drop-down list)

Account Purpose


Will you be depositing or withdrawing cash, money orders, official checks, traveler’s checks or sending or receiving wires on this account?


Select Next

Enter the child’s Social Security number – without dashes.

Mail 1099 for this account to this beneficiary?


Select Next

Verify all information on the page and then enter password.

Hit Enter.

The AR accountant prints this page.

Under the account number, the AR accountant:

  ·  selects the hyperlink entitled Substitute W-9;

  ·  ensures the information is correct, including the spelling of the name and the Social Security number;

  ·  marksthe statement on the form Check if Exempt Payee; and

  ·  prints the W-9.

The W-9 form requires the signature of a person listed on the bank account’s signature card. When the form is signed, fax it to the representative at Citibank.

If the form is not sent to Citibank, the account is not considered an exempt account and withholding fees are assessed.

If withholding fees are charged to a child’s savings account, contact the representative at Citibank to have the charges reimbursed. Withholding fees can only be reimbursed in the calendar year in which they were assessed.

Closing a Child's Savings Account

Accounts Receivable

The accounts receivable (AR) accountant uses the Termination Listing Report, launched from the IMPACT Financial Account page, monthly using a From date in the date range of 09/01/1996. The To date in the date range is the last day of the month being reconciled. The report identifies children having active checking and savings accounts with a Legal Status of FPS Resp Terminated or Adoption Consummated.

For children with a Legal Status of FPS Resp Terminated, the AR accountant determines whether the child:

  ·  is in care at age 18 or older; or

  ·  is no longer in a paid placement.

The AR accountant notifies the SSI coordinator of:

  ·  a child still receiving SSA benefits once the child is out of paid care;

  ·  a child with a Dedicated Account indicator checked on the child's Financial page.

The AR accountant notifies the Accounts Payable (AP) staff of appropriate distribution of funds for children who have left care. This is determined by the SSI coordinator for SSI and RSDI funds, or by policy for all other funds.

Accounting Supervisor

The accounting supervisor conducts a reconciliation of the child's funds for the period since the last Representative Payee Report or other reconciliation was completed. See 1567.3 Annual Reconciliation for Each Child (by accounting supervisor).

Accountants Payable

For children receiving SSA benefits and who have left DFPS managing conservatorship, the accounts payable (AP) accountant disburses all funds and closes the checking and savings accounts in the IMPACT system. Checks are made payable to Social Security Administration and are given to the SSI coordinator for proper handling.

If a child has funds in a savings account, the AP accountant must close the account with the financial institution where the funds are held.

Funds are transferred to the Children's Income Account.

Funds are disbursed from the checking account.

If funds are from SSI or RSDI benefits, separate checks are made for each individual and are made payable to Social Security Administration. The AP accountant:

  ·  writes the words Conserved Funds on the check stub for funds transferred from a savings account; and

  ·  gives the checks to the SSI coordinator for proper handling.

If the funds are from other sources (such as Railroad Retirement, Veteran's Administration, insurance settlements), funds are distributed as follows:

  ·  If the child is a minor, checks are made payable to the person with legal responsibility of the child.

  ·  If the child is 18 or older and does not have a legal guardian, the funds are paid directly to the child.

SSI Coordinator

For checks received from the accounts payable accountant, the SSI coordinator remits the checks with the appropriate documentation to the local SSA office.

When notified by the account receivable accountant that a child with a dedicated account has left care, the SSI coordinator contacts the SSI program specialist to begin the process of having the dedicated account funds returned to SSA.

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