FEATURES:
-a membership that is set up for the benefit of one named person called the "beneficiary"
-administered by one or more persons called the trustee
-trustee only may withdraw funds at any time
-information concerning membership will be given to the trustee only
-when the trustee transfers the proceeds of an account to the beneficiary, the membership will be closed and a new separate membership can be opened
-if trustee dies before the beneficiary, the credit union will pay out to the estate trustee (if there is one)
-if there is no estate trustee, the trust account may be paid to the beneficiary (if the beneficiary is a minor then the account should be paid to the legal guardian)
-if the beneficiary dies before the trustee, a new beneficiary may be chosen or the trustee can close the membership.
-direct deposits (child tax credit) or direct insurance debits can be accepted if the policy is for the child.
-savings accounts only
-T5s must be claimed by the trustee
-transaction activity included on member statement