Accounts Owned by Representative Payees for Social Security Beneficiaries Sample Clauses

Accounts Owned by Representative Payees for Social Security Beneficiaries. As a member, you may open and own an account as a “representative payee” for a “social security beneficiary.” We reserve the right to require you to prove both your authority to act as a representative payee for the social security beneficiary and your identity as a representative payee prior to opening the account. The account is a one owner account owned by you as a representative payee, in which you as the account owner-representative payee hold funds for the exclusive right and benefit of the social security beneficiary. Though dividends/interest paid to the account are/is reported under the beneficiary’s name and Social Security Number, you as the representative payee are the owner of the account, and barring a court order are the only person who is entitled to conduct transactions on the account, change and/or close the account.
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