Social Security Representative Payee Accounts and Veterans Administration Custodian Accounts. At our option, we may open Accounts, 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 or Veterans Administration Representative Payee or Custodian. Funds in the Account are owned by the member beneficiary. Only the Representative Payee or Custodian, however, shall have direct access to the funds on deposit. If an Account is opened, you (whether as beneficiary or as Representative Payee or Custodian) agree that we may accept deposits, including direct deposits from the Social Security Administration or Veterans Administration, that we may permit withdrawals from the Account by the Representative Payee or Custodian 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 Payee or Custodian alone will be responsible for compliance with the Rules of the Social Security Administration or Veterans Administration governing such Accounts, and we will not review or question their actions to ensure such compliance. You agree that if we make payment to or at the direction of a Representative Payee or Custodian, 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 or Custodian 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Agreement, and that we will have no duty to oversee the application by a Representative Payee or Custodian of any funds withdrawn from the Account.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 and the Representative Payee or Custodian in order to cure any overdraft that may occur as a result of such reversal. You agree to 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 Social Security Representative Payee Account or Veterans Custodial Account.
