Accounts by Representative Payees for SS Sample Clauses

Accounts by Representative Payees for SS. Beneficiaries You may start, use and maintain an account and related products and services as a “representative payee” for a “Social Security beneficiary.” We may require you to provide ID and documenta- tion confirming your authority to act as a representative payee before starting the account. We may keep a copy of the docu- mentation designating you as a representative payee for initial due diligence purposes. However, you agree that once you start and consent to the account, products and services, we may thereafter rely exclusively on the MSA. You as a representative payee are the owner on the account in which you hold the funds for the sole benefit of the Social Security beneficiary. Though dividends/interest are reported under the beneficiary’s name and SSN, you are the only person who may take actions and conduct transactions on the account, products and services. If we receive notice of a replacement representative payee (which we may require to be in writing) and decide to rely on the notice, you agree we may change the account for the re- placement representative payee according to the notice, as re- flected in our records. Alternatively, if we decide to rely on the no- xxxx, you agree we may terminate the account and issue a check to the representative payee in the name of the Social Security beneficiary. Finally, you agree to be responsible for legal advice we require to assist with or that results from any matter concern- ing the accounts, products or services for a representative payee (please see Provision 1.f.).