All Special Accounts

A Custodial Account¹ is an account set up and administered by an adult for a minor. The funds in the account irrevocably pass to the minor once they reach the age of majority for their state of residence.
This type of account allows for specific savings needs for the minor such as college or the minor’s first car.

Custodial Account Features

• We offer savings, certificate of deposit, and money market accounts
• Checking accounts, ATM/debit cards, and electronic services are available in qualified situations
• We offer competitive dividend rates
• Only the Custodian has access to the account
• The minor may only have information on the account
• Tax reporting is under the minor’s Taxpayer Identification Number (TIN)

Requirements

• The minor’s Taxpayer Identification Number (TIN) must be provided

¹Custodial Accounts are irrevocable trusts that convey legal title to the minor and are governed by the New York State Uniform Transfers to Minors Act.

Estate Accounts¹ are set up by executors or administrators to accumulate the funds for an estate after a person passes away. The account can be used to collect funds and disburse them to creditors and beneficiaries as needed. We understand that this responsibility can be difficult for all involved.  We would like to help make it as easy as possible for you and provide the following information to help familiarize you with the account features and requirements to open an account.

Estate Account Features

• We offer savings, checking, certificate of deposit, and money market accounts
• ATM/debit cards and electronic services are available in qualified situations
• We offer competitive dividend rates
• Estate Accounts allow for easy access to estate funds, separate recordkeeping for tax purposes, and protection of estate funds

Requirements

• The estate’s Taxpayer Identification Number (TIN)
• To obtain a Tax ID for the estate, please visit IRS.gov
• Copy of the death certificate
• Copy of the Certificate of Letters Testamentary or Letters of Administration

¹Corning Credit Union cannot provide legal advice. Some limitations may apply.

A Fund Account¹ allows selected individuals to manage funds on behalf of an organization.

Fund Account Features

• We offer savings, checking, certificate of deposit, and money market accounts
• Includes free, convenient services such as ATM/debit cards and electronic services
• We offer competitive dividend rates
• The account is in the name of the organization
• Tax reporting is under the organization’s Taxpayer Identification Number (TIN)
• There can be up to three members on the account to manage the funds

Requirements

• The organization must have five or more members and it must also meet certain eligibility requirements. Contact us for details to see if your organization may qualify.

¹Corning Credit Union cannot provide legal advice. Some limitations may apply.

Guardianship Accounts¹ allow a court-appointed guardian to manage funds on behalf of a beneficiary.

Guardianship Account Features

• We offer savings, certificate of deposit, and money market accounts
• Checking accounts, ATM/debit cards, and electronic services are available in qualified situations
• We offer competitive dividend rates
• Only the guardian has access to the account
• The beneficiary can only receive information on the account
• Tax reporting is under the beneficiary’s Taxpayer Identification Number (TIN)

Requirements

• The guardian must provide a legal document showing their appointment as guardian
• The beneficiary’s Taxpayer Identification Number (TIN) must be provided

¹Guardianship Accounts are irrevocable trusts that convey legal title to the minor and are governed by the New York State Uniform Transfers to Minors Act.

Payable on Death (POD) Accounts offer a simple way to ensure designated beneficiaries receive the funds in the account upon the passing of all account owners. This allows funds to be disbursed without going through the probate process.

POD Account Features

• We offer savings, checking, certificate of deposit, and money market accounts
• We offer competitive dividend rates
• Only account owners have access to the account
• Beneficiaries do not have access to the account and cannot have information about the account
• Beneficiaries can be changed at any time

Requirements

• This account type is only available to members who reside in New York, Pennsylvania, North Carolina, and South Carolina

Representative Payee Accounts allow a Representative Payee appointed by the Social Security Administration (SSA) to manage funds on behalf of a designated beneficiary.

Representative Payee Account Features

• We offer savings, checking, certificate of deposit, and money market accounts
• Includes free, convenient services such as ATM/debit cards and electronic services
• We offer competitive dividend rates
• Only the Representative Payee has access to the account
• The beneficiary can only receive information on the account
• Tax reporting is under the beneficiary’s Taxpayer Identification Number (TIN)

Requirements

• The Representative payee must provide documentation from the SSA showing their appointment as representative payee
• The beneficiary’s Taxpayer Identification Number (TIN) must be provided

A Trust Account¹ is designed to allow designated trustees to hold and manage funds on behalf of a Trust.

Trust Account Features

• We offer savings, certificate of deposit, and money market accounts
• Checking accounts, ATM/debit cards and electronic services are available in qualified situations
• We offer competitive dividend rates
• Only the trustees have access to the account
• The settlor may be allowed to have information on the account, if permitted by the trustees
• Tax reporting is under the trust’s Taxpayer Identification Number (TIN)

Requirements

• A Certificate of Trust must be provided
• The trust’s Taxpayer Identification Number (TIN) must be provided

¹Corning Credit Union cannot provide legal advice. Some limitations may apply.