Trust Account
This account allows family members to set up a trust account on behalf of a child.
- No separate membership share is required for the beneficiary.
- Interest is calculated the same as a regular savings account.
- Member Card access is available.
- Free ATM deposits and withdrawals are available through The Exchange network.
- Free online and telephone banking is included.
- All other services are available on a pay-as-you-go basis.
- Each trust account is deposit-insured by DICO. This insurance is separate from other accounts held by the beneficiary or the trustee, and covers up to $100,000.
Trustee(s) of the account must be a parent, grandparent, or legal guardian of the child, and must be members in good standing of FSCU. The account is set up as an 'informal trust', with control of the funds determined by the trustee(s).
Want to open a trust account?
Charlene