Please be aware that mortgage and HELOC scheduled automated payments will be processed the evening of the scheduled date. The payment will be reflected on your account the following business day with the effective date that it was scheduled for.
Please be aware that mortgage and HELOC scheduled automated payments will be processed the evening of the scheduled date. The payment will be reflected on your account the following business day with the effective date that it was scheduled for.
Representative Payee Accounts
Imagine a world with less financial stress and more security for those you care about. At CapEd Credit Union, we understand that managing finances for a loved one who needs assistance can be challenging. That's why we offer Representative Payee Accounts, a trusted solution designed to help ensure bills are paid on time and essential needs are met with care and reliability. Let us partner with you to provide peace of mind and simplify financial management.
Visit a CapEd location and get started with a Representative Payee Account.
Benefits & Features
- Online Banking (Some features are restricted)
- Bill Pay
- eStatements
- Starter Checks and/or Deluxe Check Order
- Debit Card
Types of Accounts
- Primary Savings
- Representative Payee Checking
Account Restrictions
Click here to view restrictions on Representative Payee accounts.
Representative Payee Accounts
Representative Payee Primary Savings
| Dividend Rate | APY1 |
|---|---|
| 0.01% | 0.01% |
Representative Payee Primary Savings
Minimum Balance to Open Representative Payee Primary Savings.
$0.00
Monthly Service Fee for Representative Payee Primary Savings.
$0.00
Representative Payee Checking
| Dividend Rate | APY1 |
|---|---|
| 0.01% | 0.01% |
Representative Payee Checking
Minimum Balance to Open Representative Payee Checking.
$0.00
Monthly Service Fee for Representative Payee Checking.
$0.00
How to Qualify
The individual who will benefit from the account (the beneficiary) must meet CapEd Credit Union's membership requirements. Opens in new tab. To open a Representative Payee account with us, the Social Security Administration (SSA) and/or the Department of Veterans Affairs (VA) must first officially designate you as the representative payee. This designation is a prerequisite for establishing the account.
Representative Payee Duties
As a Rep Payee, your responsibilities include receiving SSA/VA payments, using these funds to benefit the beneficiary, and maintaining thorough records with regular reporting.
Note: it is not CapEd's responsibility to monitor the activity of the account or ensure that transactions are used for the proper purposes. The account will be set up with necessary restrictions to account for these, but it is ultimately up to the Rep Payee to use funds properly. They also are required to file an annual report of how funds are used that is given to SSA/VA each year for monitoring.
Required Documents
- SSA letter appointing and approving the Rep Payee for the Beneficiary
- Valid ID for Beneficiary
- Valid ID for Rep Payee
- Fiduciary Debit Card Disclosure
Open A Representative Payee Account
Stop by any location with the required documents to open up a Representative Payee Account. Not available for online opening.
Find a LocationQuestions?
Disclosures
1 APY is Annual Percentage Yield. Rates are accurate as of the last dividend declaration date and may change after the account is opened. Fees or other conditions could reduce the earnings on the account.
