Estate Accounts

Estate Share Savings and Checking Options

We offer Estate Account options for those who are called upon to settle an estate for a CTFCU member.

Dealing with the loss of a loved-one is arguably one of the most emotionally trying times in anyone’s life. We offer an account solution to assist you during a most difficult time.

An Estate account is a special savings account that may also be accompanied by a checking account. Usually, the deceased member's assets are deposited into the new Estate account(s), then apportioned as needed to pay the Estate’s obligations, debts, or heirs. Deposits are federally insured to at least $250,000 per depositor by NCUA. Accounts offer highly competitive Savings Rates.

Additional Information

Preparing an Estate

Estate FAQs

Estate Account Features

Estate Share Savings

Maintain a $5.00 minimum balance
Easy access to funds with a Debit Card
Online access through Online Banking, Mobile Banking, and Phone Banking

Estate Checking

No minimum balance requirement
No monthly service charge
1st box of checks at no charge
Online access through Mobile Banking and Phone Banking
A Visa® check card allows you to access your checking account to make purchases
Rewards Checking option pays reward dividends* and provides ATM Fee Refunds* each qualifying cycle that requirements are met*
Bill pay access available
Overdraft protection options available

Steps for Establishing the Estate Account

Only a qualified administrator (can be referred to as a personal representative, executor, executrix) of the estate is qualified to open an account for a person who held an active CTFCU membership account at the time of death. A death certificate and documents naming the qualified administrator are required to open the account. You will also need to provide a Tax Identification Number (TIN), sometimes referred to as an Employer Identification Number (EIN), which is issued by the IRS.

To obtain this number, please contact the IRS by visiting www.irs.gov to complete a SS-4 (Application for Employer Identification Number), or call 1-800-829-4933.

Required Documentation to Establish the Estate Account

Death Certificate
Court documentation of Qualification paperwork
Tax Identification Number (TIN) or Employer Identification Number (EIN)

How to open the Carolinas Telco FCU Estate Account

Email [email protected] with the subject line ATTN: Estate Accounts
Visit your nearest branch
Call 1-800-622-5305

Note: Please do not submit a copy of the decedent’s last will and testament to the credit union.

Maintaining the Estate Account

How to use an Estate Account

How long should the account stay open?

Maintaining Records

Be sure to maintain copies of all checks written and receipts from any funds disbursed from the account. Copies of individual checks can be retrieved from mobile banking, online banking, calling 1-800-622-5305, or visiting your nearest branch location.

Also, retain all statements for the account. The fee to receive duplicate paper copies of cleared checks or account statements can be found on our fee schedule. We offer e-statements at no additional charge for those enrolled in mobile banking or online banking.

Closing the Estate Account

Due to their temporary nature, Estate Accounts must be closed when the member’s estate has been settled. When you are ready to close the Estate Accounts, contact us at 1-800-622-5305, or visit your nearest branch location. In the event that additional funds are received in the decedent’s name or in the name of the estate after the estate account has been closed, Carolinas Telco FCU will not be able to negotiate that item unless a new estate account is opened.

Specific instructions on your responsibilities as an estate administrator, questions on probate, or the estate settlement process should be referred to a qualified attorney, appropriate court official, financial advisor, or tax professional.

Contact an Estate Account Professional

Your Information
Correct email address, full name, and home address is required.
Email * Required
Member Number
Name * Required
First Last
Primary Name on Account
Address * Required
Address City State ZIP Code
It is important that you change your address and telephone numbers with us.

Address and telephone number changes can now be submitted, securely, through Online Banking.
Comments or Questions?
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Savings Rates and Rewards Disclosures

APY = Annual Percentage Yield. The rates appearing here are accurate as of the effective date: October 7, 2024. Updated rates can be found at ctelco.org/savings-rates/, by calling the credit union at 1-800-622-5305 or by visiting a branch. Rates are subject to change without notice. Fees may reduce the earnings on some accounts. All services, such as loans, credit cards, and checking accounts, are subject to approval.

** Rewards dividends are calculated on the minimum average daily balance throughout the qualification cycle. The qualification cycle begins on the first day of the month and ends on the last day of the month. Only one Rewards Checking Account may be opened per member, and any additional checking accounts will be opened as a Basic Checking Account.