---
kind: "section"
citation: "38 C.F.R. § 13.200"
title: "38"
number: "13.200"
heading: "Fiduciary accounts."
url: "https://uscodex.org/cfr/38/13.200"
---

# §13.200. Fiduciary accounts.


Except as prescribed in [paragraph (b)](#b) of this section, any fiduciary appointed by VA to receive payments on behalf of a beneficiary must deposit the beneficiary's VA benefits in a fiduciary account that meets the requirements prescribed in [paragraph (a)](#a) of this section.

- (a) **Separate accounts.** Except as prescribed in [paragraph (b)](#b) of this section, a fiduciary must establish and maintain a separate financial institution account for each VA beneficiary that the fiduciary serves. The fiduciary must not commingle a beneficiary's funds with the fiduciary's funds or any other beneficiary's funds, either upon or after receipt. The account must be:
  - (1) Established for direct deposit of VA benefits,
  - (2) Established in a Federally-insured financial institution, and in Federally-insured accounts when funds qualify for such deposit insurance, and
  - (3) Titled in the beneficiary's and fiduciary's names and note the existence of the fiduciary relationship.
- (b) **Exceptions.** The general rule prescribed in [paragraph (a)](#a) of this section regarding establishment and maintenance of separate accounts does not apply to the following fiduciaries:
  - (1) The beneficiary's spouse;
  - (2) State or local Government entities;
  - (3) Institutions, such as public or private medical care facilities, nursing homes, or other residential care facilities, when an annual accounting is not required. See [§ 13.280](/cfr/38/13.280.md) regarding accounting requirements; or
  - (4) **A trust company or a bank with trust powers organized under the laws of the United States or a state.**

## Notes

### Authority

Authority: 38 U.S.C. 501, 5502, 5506-5510, 6101, 6106-6108, and as noted in specific sections.

### Source

Source: 83 FR 32738, July 13, 2018, unless otherwise noted.