Deposit Trust Accounts

Interested in opening an account titled in the name of your Revocable Trust? Let Dow Credit Union help fulfill your deposit needs.

Products offered with this type of account are a Prime Savings, Checking, Secondary Savings, Premium High Yield, and Certificates of Deposit. Additional services include ATM and debit cards, Online Banking, Mobile Banking and Bill Pay services.

Trusts give legal instructions regarding how the grantor’s¹ property and assets will pass to beneficiaries. The assets/funds are managed by the trustee. Prior to applying for a Deposit Trust Account at Dow Credit Union, a Revocable Trust agreement drawn up by a licensed attorney is required.

To open a deposit account owned by a trust at least one of the grantors of the trust must also establish an individual membership at Dow Credit Union. The trust grantor must also be named the trustee (settlor - trustee) of the trust. This means the member has created the trust and can also manage it during his/her lifetime.

The application process may be initiated by calling our Member Contact Center or visiting our Account Services Department, along with providing the following:

• A copy of your Certificate of Trust Existence and Authority or the first and last pages (signature pages) of your trust document (with a Social Security or Tax ID number)
• A completed Agreement to Facilitate form (contact us for a copy). It is important that the information you provide on this form mirrors your trust document as it will be used by the credit union to manage your trust account. The Agreement to Facilitate form requires notarization and must be signed by all grantors and trustees. Trustees must sign as follows: your signature, Trustee
• A copy of a current government issued picture ID, i.e., driver’s license (front & back) for all grantors and trustees
• The original or certified death certificate(s) if anyone named in the Trust title is deceased
• Any amendments to the original Trust Agreement

These documents may be submitted by mail or in person.

Upon receipt of the required documents by mail, a representative will contact you to complete the account opening process.

For more information on Deposit Trust Accounts, stop by or contact us.

1. Person who establishes the trust

Health Savings Accounts (HSAs)

Dow Credit Union Health Savings Accounts are specifically for individuals and families enrolled in a High-Deductible Health Plan as defined by the United States Internal Revenue Service (IRS) or who have funds in a previously existing Health Savings Account.

If you have questions regarding whether your health plan qualifies for HSA contributions, please contact your plan administrator.

Benefits

Our members with eligible HSA plans will have:

• Potential to build more savings through investing. Members can choose from a variety of HSA self-directed investment options.
• A tax-advantaged savings account that they can use to pay for eligible medical expenses as well as deductible, co-insurance, prescriptions, vision, and dental care.
• Unused funds that will roll over year to year. There’s no “use it or lose it” rule.
• A transactional HSA checking account with an HSA Visa® Debit Card specifically for easy payment from your HSA.
• Additional retirement savings. After age 65, funds can be withdrawn for any purpose without penalty but may be subject to income tax if not used for qualified medical expenses.

Contribution and withdrawal limitations, qualified medical expenses, tax advantages, and other investment advice should come from a qualified tax professional or financial advisor.

Investment Options

The credit union offers a variety of investment options for your HSA:

• Prime Savings
• Checking
• Premium High Yield Deposit
• Certificates of Deposit

If you wish to enroll, or have a question about HSAs, please call or stop by.