Definition

A veteran's administration custodial account is used for Veteran’s Administration (VA) income. The VA appoints a custodian to manage the VA income if the veteran is unable to do so. The custodian is obligated and agrees to act in the best interest of the veteran. In certain cases, the custodian may also become the legal guardian of the veteran.

Required Documentation to Open Account

ALL legal documents for Veterans Administration Custodial accounts MUST be reviewed by Call Me Direct (CMD) for approval before proceeding with opening or revising an account. 

Obtain the following documentation for CMD review:

• original or copy of the Veteran's Administration Fiduciary Agreement form

Once documents are obtained, do the following:

1. Scan and email all documents to _Call Me Direct to review.
2. Call Me Direct reviews the documents and takes one of the following actions:
   • Approves the account opening or change
     • If the documents are approved, CMD completes a Document Review Coversheet and emails the associate opening/revising the account.  
     • The Document Review Coversheet from CMD MUST be imaged with account documents.
   • Denies the account opening or change

Tax Identification Number (TIN)

Use the veteran’s social security number (SSN) for IRS reporting.

Account Titling

1. Title the account in the veteran’s legal name. The custodian's name must also be listed in the account title. {Client's name} displays in the Customer Name field.
2. In the Additional Name 1 field enter the name of the authorized signer (for example: By {name of authorized signer} Federal Fiduciary).
3. Check to see if the SSN on the account belongs to the veteran. If it does not, do not open the account. 

Ownership Requirements

• The custodian is the only signer on the signature card
• Signature card with custodian's signature above his/her name in the Signatures section 
• The custodian's verification of the information in the Backup Withholding Certifications section, certifying the SSN of the veteran

Signature Card Example