Federal regulations stipulate that a facility is responsible for maintaining each resident's personal allowance in an interest bearing account.
Amalgamated Bank's Patient Fund Program effectively relieves the facility of this often burdensome responsibility. We establish individual statement savings accounts in each resident's name, with the facility acting in a representative payee capacity. Resident signatures are not required and passbooks are not issued.
On a monthly basis, Amalgamated provides a worksheet style "Turn Around Report" that is to be completed by the facility. This serves as a detailed record of activity on each resident's account. When the report is returned to the bank, it is also used as the input source for the Patient Fund Summary Report. This document, which is issued monthly, recaps the distribution of each resident's funds as well as account status and activity for the previous month. Each resident receives a quarterly statement of his or her account.
If the facility also takes advantage of the Amalgamated Bank Direct Deposit Program the monthly living allowance is automatically transferred into the individual's interest bearing savings account.
An interest bearing lump sum facility / resident fund checking account may be established as an alternative to individual resident savings.
All deposit accounts listed are FDIC insured.
For more information on the Amalgamated Bank Patient Fund Program, or to make an appointment, call one of our Health Care Relationship Managers at (212) 895-4600, or email us at hcfs@amalgamatedbank.com.
