SSA’s e4641 is an electronic form that is used by the SSA to request account records from financial institutions. The SSA uses this information to determine eligibility for supplemental benefits and to avoid overpayments.
How does it work?
- The SSA sends an E4641 form to a financial institution
- The financial institution provides the requested records
- The SSA uses the records to make decisions about eligibility or overpayments
Providing this information is voluntary however not providing it will put the burden on your members to provide statements to SSA for asset verification and delay the process for them potentially painting your credit union in a bad light to the member.
Because the format utilized by SSA is a standard for asset verification, creating a batch interface to process SSI requests provides your institution the mechanism to automate asset verification for any government agency, including Medicaid, which is a state-based implementation.
When you order this, our custom projects team will configure and automate the data exchange between CU*Answers and LexisNexis on your behalf to make providing this information as a service to your members much easier and less time consuming for your credit union and its members.
Here’s how it works. CU*Answers receives a daily file from LexisNexis identifying the members requiring verification. We in turn pull the required information for the members listed in the file and send it to LexisNexis on your behalf. LexisNexis then provides that to the SSA or other government agencies you designate.
More specifically, we do the following:
Daily Request File
CU*Answers will develop a process to pick-up the request XML file based on the documentation provided from LexisNexis. This file is typically available every weekday morning.
This request file may contain multiple requests. Each request will contain an SSN, start date, and end date.
Daily Response File
CU*Answers will create a process that will read the Daily Request File and create the Daily Response File. This will be an XML file containing the information requested.
Accounts included are:
- Share / Savings
- Share Draft / Checking
- CDs
- HSA
- IRA
It does not include the following accounts:
- Escrow
- Loans
CU*Answers will provide all required fields.
If the individual SSN in the request file does not have accounts at the credit union, a record still needs to be included stating “No Account Found”.
Response File Validation
CU*Answers will complete the following validation:
- XML Validation (format)
- Response Content Validation
