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Normally, I wouldn't post a story about a guy who has been stealing about $350,000 from Uncle Sam by cashing Social Security and federal annuity checks meant for his long-dead mother but something in the story caught my eye that I didn't think of and that is this part and direct deposits:
"$100 million the OPM loses every year in payments to deceased annuitants is not small change. Much of that, it must be stated, is recovered quickly. “These are often the result of a retiree passing away before the retirement payment is made for that month or because the deceased’s family takes a month or two to report the death,” OPM Inspector General Patrick E. McFarland told a House committee in May. “These overpayments are usually recovered in full.”
I'm assuming if survivor benefits are involved, the surviving spouse knows enough to report the death right away but not everyone has a surviving spouse.
The other semi-related thing I'd like to mention is also for single people. If you have bills or other items paid by direct debit from your checking account, does someone know enough to stop it from happening right away when you die so that no one is in a position of having to recover money direct debited from your checking account? I'm thinking of things like cell phones and cable where you are charged whether you use them or not.
Excellent reminder. I'm making a list from many posts on this forum - when the time comes I'll check my list and then - nope - can't go yet - I still have a few things to do. We really need a symbol with a halo.
Normally, I wouldn't post a story about a guy who has been stealing about $350,000 from Uncle Sam by cashing Social Security and federal annuity checks meant for his long-dead mother but something in the story caught my eye that I didn't think of and that is this part and direct deposits:
"$100 million the OPM loses every year in payments to deceased annuitants is not small change. Much of that, it must be stated, is recovered quickly. “These are often the result of a retiree passing away before the retirement payment is made for that month or because the deceased’s family takes a month or two to report the death,” OPM Inspector General Patrick E. McFarland told a House committee in May. “These overpayments are usually recovered in full.”
I'm assuming if survivor benefits are involved, the surviving spouse knows enough to report the death right away but not everyone has a surviving spouse.
The other semi-related thing I'd like to mention is also for single people. If you have bills or other items paid by direct debit from your checking account, does someone know enough to stop it from happening right away when you die so that no one is in a position of having to recover money direct debited from your checking account? I'm thinking of things like cell phones and cable where you are charged whether you use them or not.
I saw that article about the gentlman continuing to collect and spend his mother's pension and SS checks. His only response after getting sentanced was "I am sorry". The amounts of each were not much and may have been enough for a good car payment each month. It is even worse as the man in question worked for the city. He now will lose that as well.
On to your second topic here I am pretty sure most people don't even think about that. It will be on my radar now to document any automatic payments like cable or insurance premiums. Everyone should have a plan in place for that so that loved ones can take action as soon as possible. I bet that cable companies and internet providers get a lot of revenue just like that of services not used yet paid for.
When my mom died, the funeral home took care of all the reporting to SS and Medicare. I think it was a requirement of the state placed on funeral homes.
When my mom died, the funeral home took care of all the reporting to SS and Medicare. I think it was a requirement of the state placed on funeral homes.
I think it should be required nationwide. I would hope that most would be as honest and report changes.
Another thing to think about is credit cards and open charge accounts that your spouse or other family members may not realize you have and so would not close them. The account(s) remain active if so, and anyone "finding" the charge cards can continue to use them.
In my "This is the End - Please Read" notebook, I've listed one credit card and two charge accounts I have open. I close charge accounts like Home Depot or Sears once the balance is paid off. They're quick to close with a phone call and quick to open new ones if needed. Others, like Ace Hardware, are on my short "list" for relatives to close, along with Visa.
Once a year or so our local paper lists depositers who have unclaimed money in accounts (does not specify amounts). These are probably checking accts that had a few hundred in them and never got used or closed by the deceased, or that relatives never knew existed. I wonder who gets the money not claimed.
In the "End" notebook, I've listed financial account numbers with beneficiaries.
All this writing out instructions stuff, will, trust, POA, and all that has taken a lot of my energy, can't wait till it's all done.
Once a year or so our local paper lists depositers who have unclaimed money in accounts (does not specify amounts). These are probably checking accts that had a few hundred in them and never got used or closed by the deceased, or that relatives never knew existed. I wonder who gets the money not claimed.
There is a Social Security death "tape" that get made available monthly. It contains the Social Security number of who died during the last time period. Most Credit Companies go thru that file, and match it against there card holder database. And lock down the cards. Banking (Checking/saving/cd's) etc.
Deposits in banks, etc, and send to the state (Normally treasure office) to be held in 'trust' till they are claimed.
After my neighbor was charged over $3000 for one month's water bill, a payment on automatic debit from his checking account . . . I cancelled all my auto-pays. My neighbor didn't even realize what was going on til a matter of days past the debit.
My neighbor had no idea that there was a leak, underground, b/f the water even reached his home. Several more checks bounced in the meantime, racking up fees . . . and the city would not refund his money in a timely manner . . .
Those automatic payments can turn into a real problem if something goes wrong.
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We really need a symbol with a halo.
