Estate Accounts
Dealing with the loss of a loved-one is arguably one of the most emotionally trying times in anyone’s life. For
those who are also called upon to settle an estate for a Carolinas Telco FCU member, 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 Share Draft account. Usually,
the deceased members 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 Dividend Rates.
Account Features
Estate Share Savings
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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
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1st box of checks at no charge
No minimum balance requirement
No Monthly Service charge
A Visa Check Card allows you to access your Share Draft/ Checking Account to make purchases wherever
you see the Visa logo. The card also doubles as an ATM Card
Rewards Checking option that pays reward dividends of 1.51% APY* and provides ATM Fee Refunds up
to $25.00 each qualifying cycle that requirements are met**
Telco Bill Payer- pay bills online from the Estate Share Draft account through our Net Branch Online
Banking
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.
Documentation required 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:
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Visit your nearest branch
Fax required documentation to (704) 3915648- 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
How to use an Estate Account:
Once established, all direct deposits and checks made payable directly to the decedent and/or to the estate can
be deposited into an estate account. In addition, any of the deceased members funds in a Carolinas Telco FCU
account (to be included in the estate) can also be transferred directly into the estate account.
How long should the account stay open?
Carolinas Telco FCU understands that each situation is different and the ability to settle an estate can take time.
Normally most estates are settled within 2 years. We suggest that you consult with appropriate advisors (tax,
legal, etc.) for specific instructions pertaining to your situation.
Maintaining Records:
Be sure to maintain copies of all checks (drafts) written and receipts from any funds disbursed from the account.
A carbon copy accompanies each Carolinas Telco FCU check, for your convenience. Copies of individual checks
can be retrieved from Net Branch online banking (by visiting www.ctelco.org), 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 Net Branch online banking.
Closing the Estate Account:
Due to their temporary nature, Estate Accounts must
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.
APY = Annual Percentage Yield. The rates appearing here are accurate as of the effective date: August 18, 2016. If you have any questions or wish to request a Rate and Fee Sheet with terms
and additional information, please call the Credit Union at (704) 391-5600 or 1-800-622-5305. 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. ** Reward Rates 1.51% APY (Annual Percentage Yield) paid on balances between $0 to $15,000.00, and
0.10% APY paid on all amounts $15,000.01 and above each cycle the minimum qualifications are met. The above-cap APY range is 1.51% APY - 0.28%. Up to $25.00 in ATM Fees will be
refunded each cycle that qualifications are met. If you do not meet the qualifications per cycle, your account will still function as a free checking account earning Base Rate 0.10% APY;
however, it will not receive ATM fee refunds for that time period. We may change the interest rate and APY at any time after the account is opened. No minimum balance required. No
monthly service charge. The qualification cycle is approximately one month long, but begins on the last business day of the previous month and goes through the second to the last business
day of the current month. Eligible transactions must post during the qualification cycle in order to receive credit. Only one Rewards Checking Account
may be opened per member, and any additional checking accounts will be opened as standard Share Draft Accounts.