Representative Payee Accounts. At our option, we may accept deposits in Accounts established in a member’s name and for the member’s benefit by an individual appointed as a Social Security Administration or Veterans Administration “Representative Payee.” Funds in a Representative Payee Account are owned by the member beneficiary. Only the Representative Xxxxx, however, shall have direct access to the funds on deposit. If an Account is opened, you (whether as beneficiary or as Representative Xxxxx) agree that we may accept deposits, including direct deposits from the Social Security Administration and Veterans Administration, that we may permit withdrawals from the Account by the Representative Payee through such means as we may prescribe from time to time, and that we may restrict access to the Account by the beneficiary. You agree that the Representative Xxxxx alone will be responsible for compliance with the Rules of the Social Security Administration or Veterans Administration governing such Accounts. You agree that if we make payment to or at the direction of a Representative Xxxxx, any such payment shall be valid and shall discharge us from any liability for the sums paid. You agree that we may rely upon any appointment of a Representative Xxxxx that is valid on its face, that we will have no fiduciary responsibility or obligation in connection with any such Account beyond our obligations otherwise set forth in this Agreement, and that we will have no duty to oversee the application by a Representative Payee of any funds withdrawn from the Account. You agree that, if any deposit to an Account is subsequently reversed, whether by the Social Security Administration, Veterans Administration, or otherwise, we may transfer funds in other Accounts held by the beneficiary or the Representative Payee in order to cure any overdraft that may occur as a result of such reversal. You agree to save, indemnify, defend, and hold us harmless from any claim, demand, suit, or other charge by any person or entity arising out of or resulting from the establishment, maintenance, and transaction of any business related to a Representative Payee Account or any other Account designated for the receipt of government benefits.
Representative Payee Accounts. A representative payee account is a Personal Account that is established on behalf of the recipient of benefits from the Social Security Administration (SSA) including Supplemental Security Income (“SSI”). The entity or person, as designated by the SSA as representative payee is the Authorized Signer on the representative payee Account. The recipient of SSA or SSI funds is the Primary Account Holder of the representative payee Account. Neither the representative payee nor any third partycan have an ownership interest in the Account. The representative payee shall xxxxxxx XXXX, upon request, a copy of the written SSA authorization designating the representative payee and other documents and authorizations that we may deem necessary or appropriate. The representative payee will not permit any deposits to the Account other than the designated SSA payments. BECU shall have no obligation to determine whether deposits or withdrawals or transfers from the representative payee Account are for the support of the recipient. If the recipient dies, the representative payee must promptly notify BECU and stop all further deposits or withdrawals or transfers from the representative payee Account. If the government demands that we return deposits made after the recipient’s death and the representative payee Account does not have enough funds to pay the demand, we may take the funds from any Account the representative payee or the recipient owns.
Representative Payee Accounts. The representative xxxxx agrees to be bound by the terms of the account agreements and to furnish us, upon request, a copy of the written Social Security Administration (SSA) authorization designating the representative payee, as well as such other documents and authorizations as we may deem necessary or appropriate. In opening a representative payee account, the Credit Union acts only as a depository for the Beneficiary’s SSA or Social Security Income (SSI) funds and is under no obligation to act as a fiduciary or to inquire as to the powers or duties of the representative payee. The representative xxxxx agrees that he/she is liable to us for any and all obligations incurred by any actions dealing with the account and agrees to indemnify and hold the Credit Union harmless from and against any and all loss, costs, damage, liability, or exposure, including reasonable attorney’s fees, we may suffer or incur arising out of or related to any action or claim by any party with respect to the authority or actions taken by the representative payee.
Representative Payee Accounts. Subject to applicable law, a Representative Payee Account is a type of fiduciary account in which a representative payee (appointed by the Social Security Administration) manages Social Security and Supplemental Security funds received on behalf of a beneficiary. Upon our request, the representative payee will provide sufficient documentation from the Social Security Administration indicating his or her appointment as a representative payee tor the Account Holder. We may require additional documentation from the representative payee indicating his or her authority to act on behalf of the Account Holder. The representative payee does not have an ownership interest in funds in the Account. The representative payee does not have a right of survivorship in the Account on the death of the Account Holder. We act only as custodian of the funds and are under are no obligation to act as a trustee or to inquire as to the powers or duties of the representative payee. The representative payee agrees to indemnify, and hold us harmless from and against any and all loss, cost, damage, liability, or exposure, including reasonable attorneys' fees, we may suffer or incur arising out of any action or claim by the beneficiary, a government entity or by any other Party regarding the authority or actions taken by the representative payee in handling or dealing with the Account.
Representative Payee Accounts. At our option, we may issue shares and accept deposits in accounts established in a member’s name and for the member’s benefit by an individual appointed as a Social Security, Railroad Retirement or Veterans Administration “Representative Payee.” Funds in a Representative Payee Account are owned by the primary member beneficiary. Only the Representative Xxxxx, however, shall have direct access to the funds on deposit. If an account is opened, you (whether as beneficiary
Representative Payee Accounts. If you open an account as a “representative payee” for someone who receives Social Security payments, you agree not to permit any deposits to the account other than the designated payments. We are not required to determine whether you deposit other funds or whether any withdrawals or transfers from the account are for the support of the person for whose benefit the funds are paid. This person is called the beneficiary. If the beneficiary dies, you must promptly notify us and stop all further deposits to and withdrawals from the account. If the Social Security Administration demands that we return deposits made after the beneficiary’s death and the account does not have enough funds to pay the demand, we may take the funds form any account you or the beneficiary owns. The Credit Union will require Social Security Administration paperwork identifying the designated Representative Payee prior to opening any account. The Representative Payee must pass OFAC and Chex Systems verification and be eligible for membership. Any other accounts held in ownership by the Representative Payee with the Credit Union must be in good standing. Accounts may be opened by a person acting in a fiduciary capacity. A fiduciary is someone who is appointed to act on behalf of and for the benefit of another. A fiduciary account may be opened and maintained by a person or persons named as a trustee under a written trust agreement or as an executor, administrator, conservator, or guardian under court orders. We reserve the right to require any documents we reasonably request to satisfy us that you are authorized to open and use the account, including withdrawing the funds. We do not have to permit any withdrawal from the account until we receive all requested documents. Funds in a fiduciary account may not be pledged as security for any loan. If the account is opened as a court-ordered blocked account, you understand and agree that you will file with the court appropriate documentation confirming an agreement with us that the funds in the account, including any dividends, may not be withdrawn, or pledged except upon court order.
Representative Payee Accounts. In order to establish an account with MSUFCU, the Beneficiary must qualify for membership. The Representative Payee(s) must provide documentation from the governmental agency that lists the appointed Representative Payee or Payees (Fiduciary), lists the Beneficiary of the funds, and indicates that all Representative Payee or Payees can act independently. The Beneficiary’s IRS-issued Tax Identification Number must be provided on
Representative Payee Accounts. A representative payee is an individual or organization that receives Social Security and/or Supplemental Security Income (SSI) payments for a beneficiary who cannot manage or direct the management of his or her money. Representative payees should use the funds for the current and foreseeable needs of the beneficiary and save any remaining funds for the beneficiary’s future use. At our option, these accounts will
Representative Payee Accounts. A “Representative Payee Account” is a type of fiduciary account in which a “representative payee” (as a fiduciary) manages Social Security and Supplemental Security funds received on behalf of a beneficiary. If your Account is a Representative Payee Account, the following terms apply, subject to applicable law:
1) Upon our request, the representative payee will provide sufficient documentation from the Social Security Administration indicating his or her appointment as a representative payee for the Account Holder. We may require additional documentation from the representative payee indicating his or her authority to act on behalf of the Account Holder.
2) The representative payee does not have an ownership interest in funds in the Account. The representative payee does not have a right of survivorship in the Account on the death of the Account Holder.
3) The representative xxxxx agrees to indemnify, and hold us harmless from and against any and all loss, cost, damage, liability, or exposure, including reasonable attorneys' fees, we may suffer or incur arising out of any action or claim by the beneficiary, a government entity or by any other party regarding the authority or actions taken by the representative payee in handling or dealing with the Account.
Representative Payee Accounts. At our sole discretion, we may open representative payee accounts. The representative payee agrees to be bound by the terms of the Account Agreements and to furnish us, upon request, a copy of the written SSA authorization designating the representative payee and such other documents and authorizations as we may deem necessary or appropriate. In opening a representative payee account, the Credit Union acts only as a depository for the Beneficiary’s SSA or SSI funds, and is under no obligation to act as a fiduciary or to inquire as to the powers or duties of the representative payee.
