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Totten Accounts

The Totten Account is a great way to bequeath funds in your account should you die while still retaining full use of the funds. An individual (Trustee) establishes this account with named beneficiaries. This account is revocable – that is, the Trustee may change or cancel the designation of beneficiaries. The Trustee retains all power over the account.
  • The Trustee must be eligible for DCU Membership.
  • A Co-trustee may also be named with access to the account.
  • A Trustee in the Trustee's name using the Trustee's Social Security Number opens a Totten Account.
  • Any DCU savings or checking account can be set up as a Totten Account.
  • A DCU Check Card or DCU ATM Card can be issued in the Trustee and Co-trustee's names only.
  • Only the Trustee or Co-trustee may transact business on the account. The beneficiary has no access to funds while either Trustee is living.
  • Loans are not available on a Totten Account.
  • Funds can be used a collateral for loans.
  • To change or add beneficiaries, a Totten Designation of Beneficiary Form must be completed.
  • If there are Co-trustees and one dies, funds belong to the surviving Trustee. Funds belong to the beneficiary when neither Trustee is living.
This account is federally insured separately from the Trustee's individual accounts, up to $250,000 for each qualified beneficiary, if the beneficiary is the spouse, child, sibling, parent, or grandchild of the Trustee. If the beneficiary is not the spouse, child, or grandchild of the Trustee, the account is insured collectively with the owner's other share accounts, if applicable, up to $250,000. More information about NCUA federal insurance.
DCU cannot provide legal, tax, or estate planning advice. We suggest you discuss your particular situation with a tax consultant or advisor.
Use our Savings Calculators to help you determine the savings plan to meet your goals.
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Digital Federal Credit Union
Digital Federal Credit Union
220 Donald Lynch Boulevard
PO Box 9130
Marlborough, MA 01752-9130
508.263.6700 • 800.328.8797
 DCU is an Equal Housing Lender    Your savings federally insured to at least $250,000 and backed by the full faith and credit of the United States Government. National Credit Union Administration, a U.S. Government Agency. Select for more information.

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