Special Titled Accounts are set up for a specific purpose (SSA, Probate, etc.). Each of these accounts have certain qualification criteria and are handled in a specific manner.
Representative Payee Account
Some people who receive monthly Social Security, Supplemental Security Income (SSI) benefits or VA Benefits need someone to help manage their money (usually a minor or an adult with a disability). When a person needs this kind of help, the Social Security Administration or VA appoints a relative, friend, or other interested party to serve as the beneficiary's "Representative Payee" and manage the funds on their behalf.
Roles/Terminology –
- Beneficiary – the person to whom the funds belong. This person does not have any access to the funds in the account.
- Rep Payee – the person appointed by Social Security or the VA to manage the funds on behalf of the beneficiary.
Documents Required –
- A letter issued by the Social Security Administration or the VA appointing the Representative Payee must be provided to establish the account. If the letter cannot be produced, the Representative Payee may provide a check from Social Security or the VA showing that they are the Representative Payee for the recipient beneficiary.
Additional Information –
- The recipient beneficiary must qualify for membership.
- The account will report under the SSN of the beneficiary.
- The account must be established using a new account number (do not retitle any existing account).
- Only the beneficiary's funds from Social Security, Supplemental Security Income or the VA may be deposited to this account. The Representative Payee will be responsible for ensuring that the funds are not commingled with other money.
- Products Permitted: Savings, checking, certificate, target, & money market. No loans may be established.
- Services Permitted: Call-24, Online Banking, ATM/Debit Card, Checks. (Available to the Rep Payee only)
Conservatorship Account
A Conservatorship allows an individual appointed by the courts to act on behalf of an incapacitated person.
Roles/Terminology –
- Conservatee – the person to whom the funds belong. This person does not have any access to the funds in the account.
- Conservator – the person appointed by the court to manage the funds on behalf of the conservatee.
Documents Required –
- California Certified copy of the court documents (Letters of Conservatorship) containing the County Clerks stamp.
Additional Information –
- The Conservatee (incapacitated person) must be eligible for membership.
- The account will report under the SSN of the conservatee.
- It is not required to establish a new account for a Conservatorship (a current account may be retitled). However, any joint owners on the account that will not be acting as Conservator must self-delete and any beneficiary(ies) on the account must be deleted prior to retitling.
- Products Permitted: Savings, checking, certificate, target, & money market. Cross pledged loans may be issued only if it is for the benefit of the Conservatee. No collateral or signature based loans may be established.
- Services Permitted: Call-24, Online Banking, ATM/Debit Card, Checks. (Available to the Conservator only)
- Conservatorships also cover IRA’s
Executor/Administrator Estate Account
When someone dies and their estate is valued over $184,500, the successors must go to court to have someone appointed as the Executor or Administrator to finalize the deceased’s affairs. An Executorship allows an individual appointed by the court to carry out the instructions made by a deceased person in a will. An Administratorship allows an individual appointed by the court to administer the estate of a deceased person who left no will. The duties are the same – the only difference is the presence of a will.
Roles/Terminology –
- Executor/Administrator – the person appointed by the court to manage the funds on behalf of the estate.
Documents Required –
- California Certified copy of the court documents (Letters of Testamentary or Letters of Administration) containing the County Clerks stamp.
- EIN for the Estate issued by the IRS. The decedent’s SSN should not be used.
Additional Information –
- The decedent must have been eligible for membership at the time of death OR the beneficiaries of the estate must be eligible for membership.
- This account must be opened using an EIN issued by the IRS.
- A new account must be established (a current account may not be retitled).
- Products Permitted: Savings, checking, target, & money market. No Certificates or new loans may be established.
- Services Permitted: Checks may be issued. No Call-24, Online Banking, or ATM/Debit Card permitted.
Guardianship Account
A Guardianship Account allows an individual appointed by the court to serve as the guardian for a minor.
Roles/Terminology –
- Minor – The person to whom the funds belong. This person does not have any access to the funds in the account.
- Guardian –the person appointed by the court to manage the funds on behalf of the minor.
Documents Required –
- California Certified copy of the court documents (Letters of Guardianship) containing the County Clerks stamp.
Additional Information –
- The minor must be eligible for membership.
- The account will report under the SSN of the minor.
- A new account must be established (a current account may not be retitled).
- When the minor reaches the age of 18, unless the Guardianship paperwork says otherwise, the account must be closed. The funds in the account will be disbursed to the minor, through the guardian. The guardian may request a check be given to him/her, payable to the minor, or the check can be made payable to him/her as guardian for the minor. Funds cannot be distributed directly to the minor.
- Products Permitted: Savings, checking, target, certificate, & money market. No loans may be established.
- Services Permitted: Call-24, Online Banking, ATM/Debit Card, Checks. (Available to the guardian only)
Court Blocked Account
A court blocked account is created by a court document, usually describing the settlement of a lawsuit or estate. The court document will stipulate that a savings or certificate account be opened in the beneficiary’s name (usually a minor) and social security number so that the settlement funds can be deposited. The court order may or may not list the name of a specific financial institution.
Roles/Terminology –
- Minor/Beneficiary – The person to whom the funds belong. This person does not have any access to the funds in the account.
- Guardian – the person appointed by the court to manage the funds on behalf of the minor.
Documents Required –
- California Certified copy of the court documents (Letters of Guardianship) containing the County Clerks stamp specifically ordering the account to be Court Blocked.
Additional Information –
- The beneficiary of the funds must be eligible for membership.
- The account will report under the SSN of the minor/beneficiary.
- A new account must be established to hold the court blocked funds. Do not retitle an existing account.
- No membership fee is required.
- Before withdrawing any funds, view the court order located in Imaging. The court document will state whether the court-appointed guardian needs a court order for each withdrawal request.
- If the court blocked account is for a minor, the court order will state at what age (usually 18) the funds may be withdrawn for the minor. The funds in the account will be disbursed to the minor, through the guardian. The guardian may request a check be given to him/her, payable to the minor, or the check can be made payable to him/her as guardian for the minor. Funds cannot be distributed directly to the minor.
- Products Permitted: Savings, target, & certificate. No checking, money market, or loans may be established.
- Services Permitted: No Call-24, Online Banking, ATM/Debit Card, or checks are permitted.
Coogan Account
The Jackie Coogan Law became effective January 1, 2000, requiring parents or a legal guardian with a child working in the entertainment industry to set aside 15% of a minor’s earnings into trust in a savings account until the child reaches adulthood.
Roles/Terminology –
- Minor – The person to whom the funds belong. This person does not have any access to the funds in the account.
- Guardian – the parent/legal guardian of the minor.
Documents Required –
Additional Information –
- The minor must be eligible for membership.
- The account will report under the SSN of the minor.
- A new account must be established to hold the protected funds. Do not retitle an existing account.
- No membership fee is required.
- The required earnings are either deposited by direct deposit or wire transfer into the savings account.
- The funds may not be accessed by either the parent/legal guardian or the minor until the minor turns 18 or by a court order.
- Once the minor attains the age of 18 years, he/she may withdraw the funds but must provide a certified copy of their birth certificate. (California Family Code 6753(b)).
- Products Permitted: Savings, & certificate. No target, checking, money market, or loans may be established.
- Services Permitted: No Call-24, Online Banking, ATM/Debit Card, or checks are permitted.
Uniform Transfer to Minor (UTMA) Account
A Uniform Transfer to Minor Account is an account in which funds are held exclusively for the benefit of the minor. The account will terminate when the minor reaches the age of 18 or 21, as designated by the custodian at time the account is established, or 25, as stated by a court order. For more information, refer to ‘Termination of Account Once Minor Reaches Specified Age’ later in this section.
Roles/Terminology –
- Minor – The person to whom the funds belong. This person does not have any access to the funds in the account.
- Custodian – the person responsible to manage the funds on behalf of the minor.
Documents Required –
- California Court Order (only required if court is designating the funds to be held until minor reaches the age of 25)
Additional Information –
- The minor must be eligible for membership.
- The account will report under the SSN of the minor.
- Anyone may establish an UTMA account for a minor. If it is someone other than the parent or guardian, a letter of consent must be provided. Per California law, only one individual may serve as custodian at any given time. The custodian may not negotiate their own items through the UTMA account.
- If the custodian wishes to resign, he/she must present a signed letter acknowledging their wish to resign and naming the replacement custodian or provide court documentation of resignation and designation of new custodian.
- A new account must be established. Do not retitle an existing account.
- No membership fee is required.
- Once the minor reaches the designated age of 18, 21, or 25 (with court order), the account must be closed. The funds in the account will be disbursed to the minor, through the custodian. The custodian may request a check be given to him/her, payable to the minor, or the check can be made payable to him/her as custodian for the minor. Funds cannot be distributed directly to the minor.
- Products Permitted: Savings, & certificate. No target, checking, money market, or loans may be established.
- Services Permitted: No Call-24, Online Banking, ATM/Debit Card, or checks are permitted.
< Back to Main Page