Charity/Memorial/Benefit Account

Charity/Memorial/Benefit Account

Charity/Memorial/Benefit accounts are usually short time accounts that are used for the purpose of accepting donations for a charitable cause. 

Good to Know:

        • Requirements: You or someone on the account with you must be a current member before opening this type of account. A savings account with a minimum deposit of $5.00 must be opened.
        • Required Documentation: A government issued picture ID (example driver’s license) of all parties on the account.  Employer Identification Number (EIN) that you can obtain by going to IRS.GOV – search EIN
        • Account Type: Account types that can be opened are savings, checking or money market accounts. 
        • Opening Deposit: Minimum opening deposit for a savings account is $5.00 and $25.00 for a checking account.
        • Monthly Fee: None

 

How to open this account:

Bring all required documents to any JSC branch to open the account.  Required documents would be government issued picture ID such as a driver’s license, and an Employer Identification Number (EIN) for the fund that you can obtain from the IRS.GOV website.  At least one signer on the account must be a current member of JSC.  This type of account cannot be opened online through our website.

How to withdrawal funds:

 Any signer on the account can make withdrawals from this account just like any other account.  Example:  In branch, VISA debit card, or writing checks etc.

How to close this account:

Any signer on the account can close the account. To close the account, a signer on the account would need to provide a letter letter that reads: I, authorize JSC Federal Credit Union to close my account#__________ type __________. I understand that by closing this account all automatic deposits, outstanding checks, and electronic funds transaction will be returned “Account Closed”. I will be responsible for all fees charged by the merchants if items are processed and returned.  The letter must be signed and dated.  The signer should indicate how or to whom they want the funds made payable to. If they are requesting the funds be mailed: supply an address where the check is to be mailed to.  Or, stop by any JSC branch and sign a closed account letter to receive the funds in person.

 

FAQs

Do I have to be a member first before I can open the Estate Account? 

Yes, or at least one signer on the account would need to be a JSC member before this account could be opened.

Can I open a benefit account for my co-worker? 

 Yes, if you are a current member, you would be eligible to open a charity/memorial account for your co-worker.

Can I get an ATM/Debit Card on this account?

No, this type of account is used for setting aside money for a specific need.

Can more than one person have access to this account?

Yes, but all parties would need to be signers on the account to have access to the account.

Once the account has been used for its purpose, how can I close this account?

Any signer on the account can close the account. To close the account, a signer on the account can send something in writing with their signature requesting to close the account.  The signer should indicate how or to whom they want the funds made payable to. If they are requesting the funds be mailed supply an address where the check is to be mailed to.  Or, stop by any JSC branch and sign a closed account letter.

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