Representative Xxxxx/Custodian Accounts. When opening an account as a "representative payee" for someone who receives Social Security payments or as a legal custodian, spouse payee, or other custodian for an individual who receives Veterans Administration payments, you agree not to accept any deposits into the account aside from the specified payments. We are not obligated to verify additional deposits or the purpose of withdrawals from the account for the beneficiary's support. In the event of the beneficiary's passing, you must promptly inform us and cease all financial transactions from the account. If the government requests reimbursement for deposits made after the beneficiary's death and the account lacks sufficient funds, we reserve the right to withdraw funds from any account under your or the beneficiary's name.
Representative Xxxxx/Custodian Accounts. This account is opened for the benefit of a minor or an adult (to be named as the beneficiary) who is not capable of managing their financial affairs. The structure and payees are determined by the Social Security Administration. This account may be opened by use of documentation from the Social Security Administration directing the payee (administrator of the funds or custodian) to open an account. This account is owned by the beneficiary, and the beneficiary has no access to the funds. The account is opened by the custodian who has authority to handle all transactions involving the account and the authority to close the account. The custodian may be required to sign a separate affidavit and indemnity agreement regarding the validity of the instrument relied on to open the account. We have no duty to inquire about the use or purpose of any transaction made by the custodian.
