Ask SAM: Variations of your name can cause a headache at the bank
July 6th, 2021 by admin
Question: Due to stricter banking regulations, I had a problem depositing my tax-refund checks into my savings account at my credit union this year. On my birth certificate, I have one name. For example, if it were “Sally Jane Olsen,” but I went by my middle name “Jane” and my married name was “Smith,” I would have my name on bank accounts and my retirement pension checks as “Jane O. Smith,” but my name on my taxes would be “Sally O. Smith.” The bank manager eventually let me deposit the checks, but it seems now I need to get my name corrected to the same name on everything — tax returns, bank accounts, pension checks, driver’s license, passport, and so on. Can you give me some guidance? ~ J.S.O.
Answer: “It probably makes sense to have the name on your check for your tax refunds the same as on the banking account to which it is directly deposited,” said local attorney Mike Wells.
He suggested you talk with your accountant or a CPA, or the tax authorities, to make sure your name on your tax returns is consistent with the account to which any refunds would be deposited.
Click here to see the full article on the Winston-Salem Journal.
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