Common use of Representative Payee Accounts Clause in Contracts

Representative Payee Accounts. If you open an account as a “representative payee” for someone who receives Social Security payments, 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 are for the support of the person for whose benefit the funds are paid. This person is called the beneficiary. If the beneficiary dies, you must promptly notify us and stop all further deposits to and withdrawals from the account. If the Social Security Administration demands that we return deposits made after the beneficiary’s death and the account does not have enough funds to pay the demand, we may take the funds form any account you or the beneficiary owns. Accounts may be opened by a person acting in a fiduciary capacity. A fiduciary is someone who is appointed to act on behalf of and for the benefit of another. A fiduciary account may be opened and maintained by a person or persons named as a trustee under a written trust agreement or as an executor, administrator, conservator, or guardian under court orders. We reserve the right to require any documents we reasonably request to satisfy us that you are authorized to open and use the account, including withdrawing the funds. We do not have to permit any withdrawal from the account until we receive all requested documents. Funds in a fiduciary account may not be pledged as security for any loan. If the account is opened as a court-ordered blocked account, you understand and agree that you will file with the court appropriate documentation confirming an agreement with us that the funds in the account, including any dividends, may not be withdrawn or pledged except upon court order.

Representative Payee Accounts. If you open an account as a “representative payee” for someone who receives Social Security payments, 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 are for the support of the person for whose benefit the funds are paid. This person is called the beneficiary. If the beneficiary dies, you must promptly notify us and stop all further deposits to and withdrawals from the account. If the Social Security Administration demands that we return deposits made after the beneficiary’s death and the account does not have enough funds to pay the demand, we may take the funds form any account you or the beneficiary owns. The Credit Union will require Social Security Administration paperwork identifying the designated Representative Payee prior to opening any account. The Representative Payee must pass OFAC and Chex Systems verification and be eligible for membership. Any other accounts held in ownership by the Representative Payee with the Credit Union must be in good standing. Accounts may be opened by a person acting in a fiduciary capacity. A fiduciary is someone who is appointed to act on behalf of and for the benefit of another. A fiduciary account may be opened and maintained by a person or persons named as a trustee under a written trust agreement or as an executor, administrator, conservator, or guardian under court orders. We reserve the right to require any documents we reasonably request to satisfy us that you are authorized to open and use the account, including withdrawing the funds. We do not have to permit any withdrawal from the account until we receive all requested documents. Funds in a fiduciary account may not be pledged as security for any loan. If the account is opened as a court-ordered blocked account, you understand and agree that you will file with the court appropriate documentation confirming an agreement with us that the funds in the account, including any dividends, may not be withdrawn withdrawn, or pledged except upon court order.