mobile menu
DCU logo

Totten Accounts

Trusts to help you plan for the future

  • Features
  • Details
  • Open

Totten Accounts – Pay on Death

  • Pass funds directly to your beneficiary upon death
  • You have full control while living
  • Can apply to any type of DCU savings or checking account
  • Federally insured to $250,000 per beneficiary by NCUA

Totten Accounts – Pay on Death

  • Pass funds directly to your beneficiary upon death – A Totten Account, also known as a "Pay on Death" Account, is an efficient way to bequeath funds in an account to someone when you die. The funds become the property of the beneficiary without going through probate.
  • You have full control while living – Totten Accounts are a type of revocable trust. While you are alive you, as the Trustee/Owner, have the full use of the funds and can even change or cancel the designation of beneficiaries. In fact, the beneficiary need not know in advance that they have been named.
  • Can apply to any type of DCU savings or checking account – This gives you maximum flexibility.
  • Federally insured to $250,000 per beneficiary by NCUA – These accounts, or any similar accounts which evidence an intention that the funds shall pass on the death of the owner to a named beneficiary, are considered revocable trust accounts and are insured as a form of individual account. The funds in such accounts are insured for the owner up to a total of the $250.000 SMISA for each beneficiary separately from any other individual accounts of the owner. If the beneficiary is not a natural person or charitable organization or other non-profit entity under the Internal Revenue Code of 1986, the funds in the account that are attributable to that beneficiary are treated as an individually owned account of the owner, aggregated with any other individual accounts of the owner, and insured to the $250.000 standard maximum share insurance amount.

More information about NCUA insurance.

More details on Totten Accounts at DCU

  • The Trustee (owner) must be eligible for DCU membership.
  • A Co-Trustee may also be named with access to the account.
  • The Trustee opens the account using their own Social Security Number.
  • Any DCU Savings or Checking account can be set up as a Totten Account.
  • A DCU Debit Card or DCU ATM Card can be issued in the Trustee or 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 as 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.

DCU cannot provide legal, tax, or estate planning advice. We suggest you discuss your particular situation with a tax consultant or advisor.

Easy Ways To Open Your Totten Accounts

  1. By Mail – Fill out a Totten Account Membership Application (.pdf format) to establish a new Totten account along with DCU membership
  2. Visit a DCU Branch
    A Member Service Representative will assist you and be able to answer all your questions.