At Chesterfield Federal Credit Union, we understand that your situation is unique. That's why we offer a range of account options including trusts, business accounts and more. Stop by one of our branches to learn more about all of the options we have for your specific needs.
Chesterfield Federal Credit Union doesn't offer business services to our members, but if you own your own business, you can take advantage of all of the benefits of credit union membership for your business! Open the account in your business's name and take advantage of all of the benefits of those accounts.
A custodial account, also known as a VUTMA (Virginia Uniform Transfer to Minors Act) account, is a savings account for a minor child with an adult (over age 21) as the custodian. The account is opened in the minor's name, but is controlled by the custodian, and the minor does not have access to the funds in the account until he or she reaches the age of 18 or 21.
A representative payee is an individual who has been appointed to manage Social Security funds for someone who cannot do so themselves. The owner of this account is the person receiving funds, and the representative payee has full access to the account to manage the funds for the benefit of the owner.
A trust account is an account in which a trustee will control funds for another party, which could be an individual or a group. Chesterfield Federal Credit Union offers revocable and irrevocable trust accounts. Please see a Financial Services Representative for additional information.