What are the conditions for re-titling an existing Account in the name of a Trust?
• Your Personal Savings Account (“Account”) can only be re-titled (not opened) as a revocable living trust (Trust) Account.
• The Trust must (1) use the Social Security Number of the primary Account owner named in the Bank’s records for the Account and (2) be in full force and effect.
• Accounts may only be re-titled online (not by mail or telephone), by the primary (first named) Account owner.
• Accounts may not be re-titled (or opened) to reflect any other form of trust (for example, no formal irrevocable or testamentary trusts).
• The primary Account owner must be a settlor and/or grantor (creator) of the Trust.
• The primary Account owner must enter the name of the Trust as it appears in the trust documents (e.g., Trust Agreement, Trust Deed, Declaration of Trust).
• Each Account owner named in the Bank’s records must be a trustee who is authorized to act individually for the Trust and perform Account-related transactions without the consent, approval, or authorization of another trustee or party.
• Only the existing Account owners named in the Bank’s records will be allowed to perform Account-related transactions after the Account is re-titled.
• The Account owners must agree to give the Bank copies of trust documents, additional Trust-related certifications, and/or additional information about the Trust, promptly upon request.
• The Bank is not responsible for the content of any trust documents or for any duty a settlor, grantor or trustee may owe to any Trust beneficiary(ies).
• The Account owners must agree to give the Bank prompt written notice if any information given to the Bank about the Trust during the Account re-titling process or at any other time, changes or becomes inaccurate.
• The Account owners must agree that all terms and conditions of the Deposit Account Agreement continue to apply to the Account, including (without limitation) the requirement that the Bank receive prompt written notice if any Account owner dies or becomes legally incompetent.
• The Bank may close the Account if any information given to the Bank about the Trust during the Account re-titling process or at any other time changes or becomes inaccurate (including if at any time it appears to the Bank that the primary (first named) Account owner is no longer authorized to perform Account-related transactions without the consent, approval, or authorization of another trustee or party), or if any Account owner dies or becomes legally incompetent, and at any other time as described in the Deposit Account Agreement.
• If the Account is closed (whether by the Bank or by an Account owner), the Bank may return the Account balance in the form of a check payable to the Trust, after receiving certification of the name and address of the trustee of the Trust.
• When an Account is re-titled to a revocable living trust Account, any payable-on-death beneficiary designation that may be on file with the Bank in connection with the Account is automatically revoked.
• The Bank does not have to allow an Account owner to re-title the Account again at a later date.
• The primary Account owner must agree that they have had an opportunity to consult with their financial and legal advisors before re-titling the Account to a revocable living trust Account.
More About Personal Savings
*The Annual Percentage Yield (APY) as advertised is accurate as of . Interest rate and APY are subject to change at any time without notice before and after a High Yield Savings Account is opened.
For a CD account, rates are subject to change at any time without notice before the account is opened. Your rate will be fixed on the business day‡ we receive your completed application, provided we receive your deposit within 30 days after your application is approved. After a CD is opened, additional deposits to the account are not permitted. Early CD withdrawals may be subject to significant penalties which could cause you to lose some of your principal. Please see the Deposit Account Agreement for additional terms and conditions and Truth-in-Savings disclosures.
**The national average APY is accurate as of November 23, 2020, as published in the FDIC's Weekly National Rates and Rate Caps; average rate used is for deposits under $100,000.
†You may make up to nine (9) withdrawals or transfers out of your High Yield Savings Account during a monthly statement cycle. Read More in FAQs.
‡For purposes of transferring funds, business days are Monday through Friday, excluding holidays. Transfers can be initiated 24/7 via the website or phone, but any transfers initiated after 7:00 PM Eastern Time or on non-business days will begin to be processed on the next business day.
♢Calculations are estimates of expected interest earned. Actual results may vary, based on various factors such as leap years, timing of deposits, rounding, and variation in interest rates. The first recurring deposit is assumed to begin in the second period after any initial deposit.