FORMS & AGREEMENTS

Page 1: Please consider the following information when completing the Agreement for Custodial Trust Account (Form 706).

• The Custodian is the administrator of the funds for the Minor.
• The Minor is the individual who will receive the funds once they reach age of majority.
• The Transferor is the individual giving funds to the minor if different from the Custodian.
• The Custodian or Transferor must sign the attached Agreement for Custodial Trust.
• All sections of the Application must be completed (the Successor Custodian section is optional). Any incomplete forms will be returned.

Page 2 and 3: The Membership Application/Signature Card (Form 13).

• Eligibility: Please list the eligibility for either the Custodian or the Minor. If eligibility is through a family member please insure that the individual’s social security number is listed.
• All sections of the Membership Application must be completed. Any incomplete forms will be returned.

* Both the Agreement for Custodial Trust Account and Membership Application/Signature Card must be completed in order to establish the account.

If applying for a Money Market Certificate, Money Market Savings account, or Complete Access Checking account please use the additional attached forms. Please note that these are all optional.

• Application for Custodian Access America Checking Account (Form 151) 
• Application for Custodial Money Market Savings Account (Form 400) 
• Money Market Certificate Application (Form 688)

Please call 1-562-395-7908 with any additional questions.

Thank you for your interest in opening an account in the name of your IRT with PENZIOX.

ELIGIBILITY

Before completing the following paperwork, please confirm that your trust is an IRT. If your trust is a Revocable Living Trust (RLT) separate paperwork must be completed.

Definition: An IRT is a legal arrangement whereby assets are transferred by a person(s) (usually called the Grantor) during their lifetime into a trust. Through the trust, a party (trustee) holds and manages the assets for the benefit of another person or persons (beneficiary).

The grantor chooses not to retain certain rights, ownership, or powers over the trust to ensure that the trust is not taxable to him/her and that the assets may be removed from his/her estate. This account is setup under the Trust's TIN (Tax Identification Number).

Eligibility: An IRT will have its own membership since it is a separate entity and has a TIN. For this reason you must determine if your IRT is eligible for membership. Either all Grantors or all trustees or all beneficiaries of the IRT must be members of PENZIOX. If they are not, their membership(s) must be established before the IRT can be established.

FORMS

To establish an account in the name of your IRT with PENZIOX the following forms must be completed. 

• Declaration of Trust (Form 74) - Members must provide the identity of the Grantor(s), Trustee(s), Successor Trustee(s) and Beneficiaries on this form. The Grantor and Trustee section must be completed in full. Successor Trustees and Beneficiaries need only be completed if they are listed in their Trust. Members must also provide the name of their Trust, the date the Trust was established (UTD) and the social security number/tax identification number of the Trust. One of the Grantors must sign the bottom of this form.
• Application for Irrevocable Trust (Form 43) - The name of the Trust must be provided at the top of this form. The Tax Identification Number must also be listed. All Primary Trustees must sign this form.
• Irrevocable Trust Membership (Form 13-IRT) - This form must be completed to establish a membership for your IRT. All sections must be completed and signed.

The following forms are optional depending on which accounts will be opened in the name of the IRT.

• MMSA Application (Form 400-IRT) - This form is to be completed if you already have a money market savings account that you wish to re‐title to your Trust or if you wish to establish a new money market savings account. If you are requesting to re‐title, please specify your full money market savings account number on the form.
• Amendment to Share Certificate Agreement (Form 771)
  • The first page of this form needs to be completed if the current owner of a certificate is NOT a primary Trustee. They will need to sign the form before a notary to relinquish their ownership before it can be re‐titled in the trust.
  • The second page of this form is to be completed if you wish to re‐title a Money Market Certificate. All Primary Trustees must sign/complete the section titled “Revocable or Irrevocable Trust”. The primary owner of the certificate must sign and list their SSN at the top of the second page.
   
• Certificate Application (Form 688) - This form is to be completed if you wish to establish a new Certificate in the name of your Trust. All Primary Trustees must sign at the bottom of the form. The “Member Owner” section must be completed with the IRT Information (SSN = Tax ID Number & DOB = Date Trust Established).
• Complete Access Checking Application for a Irrevocable Trust (Form 151-IRT) - This form is to be completed if you already have a checking account that you wish to re‐title to your Trust or if you wish to establish a new Checking Account. If you are requesting to re‐title, please specify your full checking account number on the form.

ADDITIONAL INFORMATION

• IRA products, loans and ATM or debit cards are NOT permitted under an IRT.
• Only Primary Trustees will have access to the funds.

To establish your Organizational Account with PENZIOX you will need to complete the attached forms. Prior to completing the forms please determine the eligibility of your Organization.

ELIGIBILITY

All members of your Organization must be within our field of membership. For information on field of membership please click here, or contact a Member Service Representative at 1-562-395-7908. If you are a Federal Credit Union you are already deemed eligible. An Estate is eligible if the descendant was a member at the time of his/her death or if all of the beneficiaries of the Estate are members or are eligible for membership.

FORMS

Please send a letter explaining how all members of your Organization meet our membership requirements along with the following required forms:

• Form 8, Resolution By Organization To Conduct Business with PENZIOX  
• Form 1382: Amendment to Resolution to Conduct Business with PENZIOX 
• Form 650, Membership Application Supplement: Foreign National, Non-resident Alien and Organization Accounts  
• Form 13, Organization Membership Application. All sections must be completed.

Additional forms that are not required but are necessary to open Checking, Money Market Savings and Certificates:

• Form 151-ORG, Checking Account Application – used to establish a Checking. All sections must be completed.
• Form 400-ORG, Money Market Savings Account Application – used to establish a Money Market Savings. All sections must be completed.
• Form 688, Money Market Certificate Application – used to establish a Share Certificate. The Organization information must be provided in the “Member Owner” section. The social security number should be the TIN of the Organization. All signers of the Organization must sign the bottom section as joint owners.

ADDITIONAL INFORMATION

• You may be issued ATM or Check Cards.
• Only secured shared loans are available for Organizations.

To establish your Public Unit Account with PENZIOX you will need to complete the below referenced forms.

ELIGIBILITY

Your Public Unit must meet our field of membership eligibility requirements. This includes only those who are under the control of federal, state or local government agencies. Once we have received the below documents and forms we will review them to determine if the Public Unit meets our eligibility requirements. For information on field of membership, contact a Member Service Representative at 1-562-395-7908.

FORMS

To open your membership, please provide the following forms:

• Form 652, Resolution By Public Unit To Conduct Business with PENZIOX. An authenticated true copy of authority to make share purchases and withdrawals must be attached to the Form 652.
• Form 13, PUA Membership Application. All sections must be completed.
• Form 1382: Amendment to Resolution to Conduct Business with PENZIOX

Additional forms that are not required but are necessary to open Checking, Money Market Savings and Certificates:

• Form 151, Complete Access Checking Account – used to establish a Checking. All sections must be completed.
• Form 400, Money Market Savings Account – used to establish a Money Market Savings. All sections must be completed.
• Form 688, Money Market Certificate Application – used to establish a Certificate. The Public Unit information must be provided in the “Member Owner” section. The social security number should be the EIN. All signers of the Public Unit must sign the bottom section as joint owners.

Please note that each account the joint owner is being removed from will be closed and a new account opened. 

A joint owner cannot be removed from a Money Market Certificate without consent. You must send a written request to close the certificate with an acknowledgment of penalty. If you choose to leave your certificate unchanged, the joint may withdraw the funds. 

To remove a joint owner from your deposit accounts with PENZIOX you will need to complete the following forms:

• Form 834, Joint Owner Removal Without Consent – The forms listed below must also be completed and submitted for each account type you are updating.
• Form 13, Membership Application  – This form must be completed to update the ownership of any existing Share Savings Accounts.
• Form 151, Checking Account Application – This form must be completed to update the ownership of any existing PenCheck Checking Accounts
• Form 400, Money Market Savings Account Application – This form must be completed to update the ownership of any existing Money Market Savings Accounts.

ELIGIBILITY

Before completing the following forms, please confirm that your trust is a RLT. If your trust is an Irrevocable Trust (IRT), separate forms must be completed to establish an IRT.

Definition: A Revocable Living Trust is a legal arrangement, established by a person(s) (usually called the Grantor) during his or her lifetime, through which a party (trustee) holds and manages assets for the benefit of another person(s) (the beneficiary). A RLT may be amended (changed) or terminated by the Grantor at any time.

FORMS

To establish a RLT account with PENZIOX the following forms must be completed.

• Instruction Sheet, Agreement and Declaration of Trust (Forms 77 and 74) - The name of the trust must be provided at the top of this form 74. Any accounts that you wish to re‐title or open in the name of the trust must be listed (appropriate forms for each account must also be provided). All primary Trustees that are listed on Form 74 must sign the bottom of this form. On form 74, you must provide the identity of the Grantor(s), Trustee(s), Successor Trustee(s) and Beneficiaries on this form. The Grantor and Trustee section must be completed in full. Successor Trustees and Beneficiaries need only be completed if they are listed in your trust. You must also provide the name of your trust, the date the trust was established (UTD) and the social security number/tax identification number of the trust. One of the Grantors must sign the bottom of this form.

The following forms are optional depending on which accounts you are opening/re‐titling.

• Membership Share Savings Account Application (Form 13-RLT) - If you wish to establish a secondary account in the name of your trust. Your primary Share Account cannot be re‐titled and must remain in your name so you can remain a member of the Credit Union.
• Checking Account Application (Form 151-RLT) - This form is to be completed if you already have a checking account that you wish to re‐title to your trust or if you wish to establish a new Checking Account. If you are requesting to re‐title, please specify your full checking account number on the form.
• Money Market Savings Account Application (Form 400-RLT) - This form is to be completed if you already have a money market savings account that you wish to re‐title to your trust or if you wish to establish a new money market savings account. If you are requesting to re‐title, please specify your full money market savings account number on the form.
• Amendment to Share Certificate Agreement (Form 771)
  • This form is to be completed if you wish to re‐title a Money Market Certificate. All Primary Trustees must sign/complete the section titled “Revocable or Irrevocable Trust”. The primary owner of the certificate must sign and list their SSN at the top of the second page.
   
• Certificate Application (Form 688) - This form is to be completed if you wish to establish a new Certificate in the name of your trust.

ADDITIONAL INFORMATION

• You cannot re‐title your primary Share Account, loans or any IRA Accounts.
• You can list your trust as the beneficiary of your primary Share and IRA Accounts by completing form 13 (for the Share) and form 732 (for the IRA).
• If your RLT has its own TIN you must complete a membership application as the RLT will have its own membership file separate from your membership.
• If an account that you wish to re‐title to your RLT has a joint owner who is not a primary Trustee of the RLT please contact us for joint removal paperwork as they will have to relinquish their ownership of the account.
• ATM and Debit cards are permitted if the Grantor is also a Trustee.

Required Documents and Forms:

Power of Attorney Document

This must be an original document, or certified copy from someone authorized to attest that the copy provided is a true and correct copy of the original.

Please Note: PENZIOX will not accept a faxed copy.

The original or certified copy must be mailed and will be returned to you once it has been reviewed.

(PDF) Statement of Indemnity (Form L-12)

This form is to be signed before a notary by the member (grantor).

If the member is unable to sign the form L-12 due to deployment or disability, a Statement of Indemnity by Attorney-in-fact ( Form L-14) can be signed by the Agent before a notary. The agent will also need to send a copy of the member's military orders or a doctor's note to verify member's inability to sign.

(PDF) Power of Attorney Agent's Affidavit (Form 172)

This must be signed by the Agent and witnessed by a Notary Public.

Once PENZIOX has received the above documents, the POA will be reviewed and placed on file if accepted. Confirmation letters will be sent to both the Agent and the Grantor.