Great Basin Federal Credit Union ::/ Trust Accounts

Trust Accounts must be opened in person. Trust Accounts can be opened for those Trusts that meet the qualification for membership. The trustors or trustees must either; live, work, worship, go to school, or own a business in Washoe County Nevada. All Members must open a savings account with a minimum $25 deposit. Members may also open a checking account with an additional $25 deposit. Other opening deposits on shares vary. In addition each individual Trustee must be able to act for the Trust separately and individually. Great Basin Federal Credit Union does not allow two signature required accounts.

To open a new Trust Account at Great Basin Federal Credit Union

Must have a Certificate of Trust

Certificate of Trust must be an affidavit
Certificate of Trust must have wording saying under penalty of perjury the information is correct
Certificate of Trust must state existence of Trust and date of execution
Certificate of Trust must say it is not revoked or changed
Certificate of Trust must be signed by all acting trustees
Certificate of Trust must be notarized

To change an existing Account at Great Basin Federal Credit Union to a Trust Account

Must have a Certificate of Trust

Certificate of Trust must be an affidavit
Certificate of Trust must have wording saying under penalty of perjury the information is correct
Certificate of Trust must state existence of Trust and date of execution
Certificate of Trust must say it is not revoked or changed
Certificate of Trust must be signed by all acting trustees
Certificate of Trust must be notarized

If there are Loans on the Account, the Trust must be verified to allow for borrowing

If the Trust is unable to borrow, you must open a new account
If the Trust is able to borrow, you will need to fill out paperwork to change Loan documentation to the name of the Trust

If there are Individual Retirement Arrangements (IRA) on the Account, you must open a new account

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