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Accounts

Account Types

Knowing the type of account you want to open can be as easy as comparing account features. Click here for our Account Comparison Grid. Setting up that account in a manner that best fits your personal needs is a matter of understanding ownership designation options.

Individual Ownership: This account type is set up using the name and Social Security number of the listed account owner. An individual account may also be set up to accommodate signers and/or beneficiaries.

Joint Ownership: An account with multiple owners is referred to as a joint account. When more than one owner is designated on an account, the "primary owner" is the owner who supplies a Social Security number for tax reporting purposes. A "secondary owner" is a legal equal to the primary owner. A joint owner cannot be removed from an account without their permission. If an owner is to be removed, the party to be removed must visit the Credit Union to sign an Account Change Card. A joint account may be set up to allow for signers and/or beneficiaries.

Youth/Minor Accounts: A Youth account is, in fact, a joint account. Because a minor cannot execute a legal contract (which a Credit Union account is) all Youth accounts must be set up with a parent, legal guardian, or other responsible adult as a joint account holder. Youth accounts are set up using the social security number of the minor. Youth accounts are changed to regular accounts following the member's 18th birthday. If after the 18th birthday the account owner wishes to remove a parent or guardian from their account, the party to be removed must visit the Credit Union to sign an Account Change Card.

Trust Accounts: A trust account might be thought of as a "corporate account" set up on behalf of an individual or individuals. Trust accounts may only be established in accordance with the stipulations of an executed trust agreement. The trust agreement will indicate, among other things, those authorized to act on behalf of the trust.

Estate Accounts: An Estate is an entity that is established legally to conduct the final business of a deceased individual. Estate accounts are normally short in duration and expire upon the disposal of the deceased’s property. Estate accounts may only be established in accordance with the stipulations of the legal estate decree. The estate decree will name those authorized to act on behalf of the Estate.

Important Distinctions to Consider

An account "owner" is the legal owner of the account and has ultimate rights and responsibilities in association with the account.

A "signer" is an individual who is authorized by the owner, on the Account Card, to conduct business on behalf of an account owner. An account signer has the same rights to conduct business on an authorized account as does an account owner, but is not legally responsible for the account. A signer's authorization will remain in effect until or unless revoked by an account owner, or upon the death of the account owner.

An account "beneficiary" is an individual who is designated to receive the proceeds of an account upon the death of the account owner. A beneficiary has no rights to conduct business and no legal responsibilities relating to an account on which they are designated.

Should you be unsure what account designations best fit your needs, please contact your legal counsel or tax accountant.

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