Representative Payee/Guardian Account

 Representative Payee/Guardian Account

A Guardian or Representative Payee is a person that has been appointed by the court to act on behalf of an adult or child who cannot manage his/her own affairs.

Good to Know:

      • Requirements: The Guardian/Representative payee must be a member or the person that you are opening the account for must be a current member. A savings account with a minimum deposit of $5.00 must be opened.
      • Required Documentation: Government issued picture ID (ie: driver’s license) of the Guardian/Representative payee that is opening the account.  Proof of Guardianship or Representative payee appointment by the courts.  Social Security number and date of birth of the person you are opening the account for.
      • Account Type: Account types that can be opened are savings, checking, money market accounts and certificates of deposits
      • Opening Deposit: Minimum opening deposit for a savings account is $5.00, $25.00 for a checking account and $500 for a certificate of deposit.
      • Monthly Fee: None

 

How to open this account:

The Guardian/Representative Payee is the only person that can open this account.  Bring all required documents to anyone of our branch offices to open the account.  Required documents consist of government issued picture ID (example driver’s license) of the Guardian/Representative payee that is opening the account.  Bring Proof of Guardianship or Representative payee appointment by the courts.   Social security number, and date of birth of the person you are opening the account for.

How to withdrawal funds:

 The Guardian/Representative Payee can make withdrawals from this account just like any other account.  Example:  In branch, VISA debit card, or writing checks etc.

How to close this account:

To close the account the Guardian/Representative Payee will need to provide this to us in writting.  The letter should read: I, (Guardian/Representative Payee) authorize JSC Federal Credit Union to close my account#__________ type __________. I understand that by closing this account all automatic deposits, outstanding checks, and electronic funds transaction will be returned “Account Closed”. I will be responsible for all fees charged by the merchants if items are processed and returned.  The letter must be signed and dated by the Guardian/Representative Payee.  

The funds will be mailed to the Executor/Administrator at the address listed on the account.  Or you may sign a closed account letter at any branch to receive the funds in person.

 


 

FAQs

Do I have to be a member first before I can open the Estate Account? 

Either yourself or the guardian for would have to be a member first before we could open this type of account.

Who can open a Representative or Guardian Account? 

 The person that has been appointed by the courts to serve as Guardian or Representative payee is the only person that can open this type of account.

I was appointed as guardian by the courts for my relative’s account, and I need to change their personal account at JSC FCU to a true guardian account.  How can I get this done? 

As long as thier are no owners on that account, you could convert the personal account to a Guardian account.   Bring in your required documents needed to open a guardian account (ie: Government issued picture ID such as a driver’s license, Proof of Guardianship papers by the court that appointed you to serve as guardian).  If there is a joint owner on this account, the joint owner would need to sign a name withdrawal form to remove them self from the account, or you would have to open a whole new separate account.

How does someone become a guardian for a minor or a disabled person? 

You would need to be appointed by the courts.  You may need to obtain legal counsel or an attorney to assist you with this process.

 

 

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