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Trust Accounts

Trust Accounts

Looking to open your trust account with us? Here’s what you need to know. Other than the extra documentation listed below, trust accounts follow all regular account-opening guidelines and will fall under one of our regular account types depending on what services are used. Great Basin FCU can not accommodate for accounts requiring two signatures. Individual Retirement Accounts (IRAs) cannot be in a trust account and must be opened on separate personal accounts.

Opening 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 is a loan on the account, the trust must be verified to allow for borrowing
    • 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 the trust is unable to borrow, loans must be on a separate account

Opening a Blocked Trust Account

Blocked trusts are accounts created by an order of the court. These trusts are held in the name of the minor until they reach the age of 18 years old or by a subsequent order of the court.  In addition all members listed on the account must meet the qualifications of membership for Great Basin Federal Credit Union.

To open a Court Ordered Block Trust, we will need:

  • A copy of the Court Order requiring the opening of the account
  • Proper identification will be needed for any joint owners
  • Social Security number and date of birth will be needed for minor

*Loan modification fee may apply. Please see current fee schedule.

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