Common use of Representative Payee Accounts Clause in Contracts

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in this Agreement, and that we will have no duty to oversee the application by a Representative Payee of any funds withdrawn from the Account.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. At our optionA representative payee account is a Personal Account that may be established on behalf of a recipient, we may accept deposits in Accounts established in a member’s name and for called 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 of benefits from the Social Security Administration (”SSA”) or Supplemental Security Income (“SSI”) on which an entity or person, as designated by the SSA as representative payee, acts on behalf of the recipient as Authorized Signer. The recipient of SSA or SSI funds is the sole owner of and Veterans AdministrationPrimary Member on the Account and must satisfy BECU’s membership rules. Neither the representative payee nor any third party can have an ownership interest in the Account. The Account title must be established to designate the nature of the Account as a Representative Xxxxx Account and may not permit the SSA or SSI recipient direct access to the funds, for example, “[Recipient’s name] by [representative payee’s name], representative payee” or “[representative xxxxx’s name], representative payee for [recipient’s name].” The representative payee agrees to be bound by the terms of the Account Agreements and to furnish BECU, 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 and 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 by are for 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 support of the Social Security Administration or Veterans Administration governing such Accounts. You agree that if we make payment to or at person for whose benefit the direction of a Representative Xxxxx, any such payment shall be valid and shall discharge us from any liability for the sums funds are paid. You agree that we may rely upon any appointment of a Representative Xxxxx that is valid on its faceIf the beneficiary dies, that we will have no fiduciary responsibility or obligation in connection with any such Account beyond our obligations otherwise set forth in this Agreement, you must promptly notify us and that we will have no duty stop all further deposits to oversee the application by a Representative Payee of any funds withdrawn and withdrawals from the Account. You agree that, if any deposit If the government demands that we return deposits made after the beneficiary’s death and the Account does not have enough funds to an Account is subsequently reversed, whether by pay the Social Security Administration, Veterans Administration, or otherwisedemand, we may transfer take the funds in other Accounts held by from any Account you or 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 benefitsowns.

Representative Payee Accounts. At our option, we may issue shares and accept deposits in Accounts accounts established in a member’s name and for the member’s benefit by an individual appointed as a Social Security Administration Security, Railroad Retirement or Veterans Administration “Representative Payee.” Funds in a Representative Payee Account are owned by the primary member beneficiary. Only the Representative XxxxxPayee, however, shall have direct access to the funds on deposit. If an Account account is opened, you (whether as beneficiary or as Representative XxxxxPayee) agree that we may accept deposits, deposits including direct deposits from the Social Security Administration Administration, Railroad Retirement Board and Veterans Administration, that we may permit withdrawals from the Account account by the Representative Payee through such means as we may prescribe from time to time, time and that we may restrict access to the Account account by the beneficiary. You agree that the Representative Xxxxx Payee alone will be responsible for compliance with the Rules of the Social Security Administration or Administration, Railroad Retirement Board and Veterans Administration governing such Accountsaccounts. You agree that if we make payment to or at the direction of a Representative XxxxxPayee, 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 Payee that is valid on its face, that we will have no fiduciary responsibility or obligation in connection with any such Account account beyond our obligations otherwise set forth in this Agreement, Agreement and that we will have no duty to oversee the application by a Representative Payee of any funds withdrawn from the Accountaccount. You agree that, if any deposit to an Account account is subsequently reversed, whether by the Social Security Administration, Railroad Retirement Board, Veterans Administration, Administration or otherwise, we may transfer funds in other Accounts eligible 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, 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, maintenance and transaction of any business related to a Representative Payee Account or any other Account designated for the receipt of government benefits.Account. CHECKS AND WITHDRAWALS

Representative Payee Accounts. At our option, we may issue shares and accept deposits in Accounts accounts established in a member’s name and for the member’s benefit by an individual appointed as a Social Security Administration 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 account is opened, you (whether as beneficiary or as Representative Xxxxx) agree that we may accept deposits, deposits including direct deposits from the Social Security Administration Administration, Railroad Retirement Board and Veterans Administration, that we may permit withdrawals from the Account account by the Representative Payee through such means as we may prescribe from time to time, time and that we may restrict access to the Account 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 Administration, Railroad Retirement Board and Veterans Administration governing such Accountsaccounts. 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 account beyond our obligations otherwise set forth in this Agreement, Agreement and that we will have no duty to oversee the application by a Representative Payee of any funds withdrawn from the Accountaccount. You agree that, if any deposit to an Account account is subsequently reversed, whether by the Social Security Administration, Railroad Retirement Board, Veterans Administration, Administration or otherwise, we may transfer funds in other Accounts eligible 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, 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, maintenance and transaction of any business related to a Representative Payee Account or any other Account designated for the receipt of government benefits.Account. CHECKS AND WITHDRAWALS

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 Administration, Railroad Retirement Board, 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 Administration, Railroad Retirement Board, 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 Administration, Railroad Retirement Board 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, Railroad Retirement Board, 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. 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 Administration Security, Railroad Retirement, 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, deposits including direct deposits from the Social Security Administration Administration, Railroad Retirement Board, 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 Administration, Railroad Retirement Board, and 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, Railroad Retirement Board, Veterans Administration, Administration or otherwise, we may transfer funds in other eligible 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 benefitsAccount.

Representative Payee Accounts. At our option, we The Credit Union may accept deposits in Accounts established in a member’s name and for the member’s benefit by an individual appointed as a the Social Security Administration or Veterans Administration 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 or 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 an 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 obligation otherwise set forth in this the Agreement, and that we will have no duty to oversee the application by a Representative Payee of any funds withdrawn with drawn 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 Xxxxx 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, demand suit, or other charge by any an person or entity arising out of or resulting from the establishment, maintenance, 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. 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 and approved by the Social Security Administration or Veterans Administration as a “Representative Payee.” Funds in a Representative Payee Account are owned by the member beneficiary. Only the Representative XxxxxPayee, however, shall have direct access to the funds on depositfunds. If an Account is opened, you (whether as beneficiary or as the Representative Xxxxx) agree that Payee agrees we may accept deposits, including direct deposits from the Social Security Administration and Veterans Administration, that we . 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 . The beneficiary will never have direct access to the Account by the beneficiaryAccount. You agree that the Representative Xxxxx Payee alone will be responsible for compliance with the Rules of the Social Security Administration or Veterans Administration governing such these Accounts. You agree concur that if we make a payment to or at the direction of a Representative XxxxxPayee, any such payment shall be valid and shall discharge us from any liability for the sums paid. You agree consent that we may rely upon any proof of valid appointment of a Representative Xxxxx that is valid on its face, that Payee and 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 . The Credit Union will have no duty to oversee the application by how a Representative Payee of uses any funds withdrawn from the Account. You agree that, consent that if any deposit including those coming from the Social Security Administration 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 the reversal. You agree to save, indemnify, defend, defend and hold us the Credit Union 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 benefitsAccount.

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 Administration Security, Railroad Retirement, 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, deposits including direct deposits from the Social Security Administration and Administration, Railroad Retirement Board, or 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 Administration, Railroad Retirement Board, 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, Railroad Retirement Board, 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.Account. CHECKS AND WITHDRAWALS

Representative Payee Accounts. At our option, we may issue shares and accept deposits in Accounts accounts established in a member’s name and for the member’s benefit by an individual appointed as a Social Security Administration 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 account is opened, you (whether as beneficiary or as Representative Xxxxx) agree that we may accept deposits, deposits including direct deposits from the Social Security Administration Administration, Railroad Retirement Board and Veterans Administration, that we may permit withdrawals from the Account account by the Representative Payee through such means as we may prescribe from time to time, time and that we may restrict access to the Account 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 Administration, Railroad Retirement Board and Veterans Administration governing such Accountsaccounts. 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 account beyond our obligations otherwise set forth in this Agreement, Agreement and that we will have no duty to oversee the application by a Representative Payee of any funds withdrawn from the Accountaccount. You agree that, if any deposit to an Account account is subsequently reversed, whether by the Social Security Administration, Veterans AdministrationRailroad Retirement Board, Veterans’ Administration or otherwise, we may transfer funds in other Accounts eligible 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.Account. CHECKS AND WITHDRAWALS

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 Administration Security, Railroad Retirement, or Veterans Administration “Representative Payee.” Funds in a Representative Payee Account are owned by the member 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 or as Representative Xxxxx) agree that we may accept deposits, deposits including direct deposits from the Social Security Administration Administration, Railroad Retirement Board, 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 Administration, Railroad Retirement Board, and 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, Railroad Retirement Board, Veterans Administration, Administration or otherwise, we may transfer funds in other eligible 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 benefitsAccount.