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Trust Saving and Checking Accounts

A Trust is a fiduciary relationship where one person (the Trustor) holds the title to a property (the trust estate or trust property) for the benefit of another (the beneficiary). A Trustor, who also owns the funds in this account, establishes the Trust.
The Trust Account is established by a Trustee(s) who may or may not also be a Trustor(s). Legal documentation, the Trust Instrument, must exist to establish a Trust Account.
  • The Trustor(s) of a revocable trust must be a DCU member.
  • The Trustor(s) or Beneficiary(ies) of an irrevocable trust must also be a DCU member.
  • A Trust Account is opened using the Trust's Tax I. D. Number.
  • Any DCU savings or checking account can be set up as a Trust Account.
  • A DCU Check Card or DCU ATM Card can be issued in the Trustee's name only.
  • Trustees have access to funds during the life of the Trust. The beneficiary has access to the funds, through the Trustees, only upon the death of the Trustors.
This account is federally insured. Each beneficiary's interest is insured separately from other accounts held by the Trustor, the Trustee, or the beneficiary, up to $250,000. When a beneficiary has an interest in more than one Trust set up by the same Trustor, the funds are added together and the beneficiary's aggregate insurance is a maximum of $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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