Have you established a Revocable Trust? Bring your trust papers into one of our locations to allow a member representative to review and open a Trust account. Fund your Trust account with a minimum savings of $5.00. Revocable trusts will receive dividends in the same manner as savings accounts held by members.
Each Settlor Trustee must establish membership in their own right by opening a primary account at Catholic Federal Credit Union.
Revocable Trusts must meet the following criterion to establish an account:
- Revocable trust agreements must be drawn up by a licensed attorney.
- The member must be both the settlor/trustor/donor/guarantor and the trustee (settlor trustee). This means that the member has created the trust and has the authority to manage it during his/her lifetime.
- The trust documents must clearly identify the successor-trustees, and how the trust is to be acted upon should the Settlor Trustee(s) be declared incompetent or deceased.
The following services may be offered to revocable trusts:
- Regular Savings
- CDs/Share Certificates
- Checking Accounts
- Money Market Accounts
- Super Saver Accounts
- ET Express Telephone
- CU Online Home Banking
- Bill Payer
- Debit Card privileges
- ATM privileges