Estate planning at Black Hills FCU

Yes. Deposit accounts (checking, savings, money market, certificates) can be retitled to a revocable living trust. Visit a branch with your trust agreement or Certificate of Trust, government-issued ID for all trustees, and the trust EIN or grantor SSN. IRAs and HSAs cannot be titled to a trust but can name a trust as beneficiary. South Dakota has favorable trust laws including no state income tax on trust income and perpetual trust provisions (SDCL 55-1).

Black Hills FCU offers two personal checking accounts: FREEdom Checking (no monthly fee, no minimum balance, free debit card, money orders, cashier's checks, and first order of custom checks) and Ultimate Checking (earns dividends with $1,500 minimum balance, dividends earned daily and compounded monthly, $7.50 monthly service fee waived at that balance). Both checking accounts are eligible for POD beneficiary designations and can be retitled to a trust.

Yes. While IRA accounts at Black Hills FCU cannot be titled directly to a trust (IRA and HSA accounts may not be pledged, transferred, or assigned), you can name a trust as the beneficiary of your Traditional or Roth IRA. Consult a tax advisor before doing this, as naming a trust as IRA beneficiary has significant tax implications and may affect required minimum distribution rules.

Early withdrawal penalties vary by certificate term: for terms of 1 year or less, the penalty is the greater of 1% of the amount withdrawn or all dividends for 90 days on the amount withdrawn; for terms over 1 year but less than 36 months, the greater of 1.5% or 180 days of dividends; for terms of 36 months or more, the greater of 2% or 180 days of dividends. Certificates auto-renew at maturity for the same term at the current dividend rate. Contact the credit union before maturity to prevent automatic renewal.

Black Hills FCU has branch locations across South Dakota (including Rapid City, Sioux Falls, Pierre, Spearfish, Sturgis, Hot Springs, Custer, and other communities), as well as locations in Wyoming and Montana. The credit union is headquartered in Rapid City, SD. Multiple Rapid City locations include branches on East North Street, Mountain View Road, Main Street (Downtown), North Plaza Drive, Elk Vale Road, and 5th and Minnesota. Visit bhfcu.com/access/locations for the full list of locations and hours.

Black Hills FCU offers three savings-type accounts: Regular Savings ($5 minimum opening deposit to establish membership, dividends compounded daily and credited monthly), Money Market (higher dividend rates with tiered rate structure, easy access for emergency funds or excess cash), and Premier High-Yield Account (earns higher dividends than standard savings with interest earned daily and unlimited withdrawals). All three are eligible for POD beneficiary designations and can be retitled to a trust. Each is federally insured by NCUA up to $250,000.