Representative Xxxxx Account. Social Security and/or Veterans Administration (“VA”) Accounts (“Representative Payee Account”) are opened when a protected person receives benefits but are not able to manage the funds themselves. The person appointed to manage the funds is typically called a “Representative Payee” or “VA Custodian”. The Representative Payee or VA Custodian agrees not to co-mingle any deposits or conduct any withdrawals on the Account other than those designated for the purpose of the Account. We are not liable for determining if the funds the Representative Xxxxx or VA Custodian manages are appropriate to the purpose of the Account. If the protected person dies, the Representative Payee or VA Custodian must immediately notify us and are required to stop any and all activity on the Account. If we are required to return deposits made after the death of the protected person and the Account does not have the funds to pay the required amount, we may if allowed by law, take the funds from any Account the Representative Payee or VA Custodian or the protected person owns.
Representative Xxxxx Account. A representative payee is an individual appointed by the Social Security Administration to receive Social Security benefits for someone who cannot manage or direct someone else to manage his or her money. A representative payee account is an account maintained by the representative payee on behalf of and for the benefit of such individual. The representative payee will be personally liable to us for any deficiency or amount owed in connection with such Account. The representative xxxxx agrees and acknowledges that this liability to us will subject accounts of the representative payee held in his or her individual capacity to our lien rights and rights of setoff contained in this Agreement.
Representative Xxxxx Account. ^ŽĐŝĂů ^ĞĐƵƌŝƚLJ ĂŶĚͬŽƌ sĞƚĞƌĂŶƐ ĚŵŝŶŝ ;͞ZĞƉƌĞƐĞŶ ƚĐĂĐƚŽŝƵǀarŶeĞoƚ pe͟WneͿĂd LJwhĞenĞa protected person receives benefits but are not able to manage the funds themselves. The person appointed to manage the funds is typically ĐĂůůĞĚ Ă ͞ZĞƉƌĞƐĞ WĂLJĞĞ͟ Žƌ ͞s ƵƐƚŽĚŝĂŶ͘͟Cu stdodŚianĞa greZesĞƉƌĞƐĞŶ not to co-mingle any deposits or conduct any withdrawals on the Account other than those designated for the purpose of the Account. We are not liable for determining if the funds the Representative Xxxxx or VA Custodian manages are appropriate to the purpose of the Account. If the protected person dies, the Representative Payee or VA Custodian must immediately notify us and are required to stop any and all activity on the Account. If we are required to return deposits made after the death of the protected person and the Account does not have the funds to pay the required amount, we may if allowed by law, take the funds from any Account the Representative Payee or VA Custodian or the protected person owns.
Representative Xxxxx Account. 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 for the account owner. We may require additional documentation from the representative payee indicating his or her authority to act on behalf of the account owner. 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 owner. We act only as custodian of the funds and are under 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 attorney’s 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.
