A Representative Payee Account is an account established on behalf of a minor child or an adult who has been declared incompetent (the beneficiary). In most cases, the beneficiary is receiving Social Security or SSI payments and is not capable of properly handling his/her money. A Representative (an individual or organization) is chosen to manage the money of the beneficiary. The funds in the account belong to the beneficiary and may only be used for his/her needs. The beneficiary must be eligible for membership with Tyndall Federal.
Because it is important for the Representative to be able to keep records of what the funds are being used for, a Checking Account is available on a Representative Payee membership. It is very useful to have check images available to keep track of how the funds are being used.
The minimum to open this account and earn the Annual Percentage Yield (APY) is $5.
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