Common use of Representative Payee Accounts Clause in Contracts

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 ▇▇▇▇▇, however, shall have direct access to the funds on deposit. If an account is opened, you (whether as beneficiary