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 (share draft) 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.
Estate Account Features
Estate Share Savings
- Maintain a $5.00 minimum balance
- Easy access to funds with an ATM Card
- Online access through Net Branch, Mobile Banking, and Telco Teller
Estate Share Draft
- No minimum balance requirement
- No monthly service charge
- 1st box of checks at no charge
- Online access through mobile banking and Telco Teller
- A Visa® check card allows you to access your checking (share draft) 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 or Qualification paperwork
- Tax Identification Number (TIN) or Employer Identification Number (EIN)
How to open the Carolinas Telco FCU Estate Account
- Visit your nearest branch
- Email email@example.com with the subject line ATTN: Estate Accounts
- Mail to: Carolinas Telco Federal Credit Union ATTN: Estate Accounts
PO Box 668467 Charlotte, NC 28266-8467
- 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
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.