Estate planning at Commonwealth CU
How to protect 16 Commonwealth CU accounts — manage beneficiaries in-branch, fund a trust in-branch, and file death claims
Phone(502) 564-4775
Toll-Free1-800-228-6420
Mailing Address
PO Box 978, Frankfort, KY 40602-0978
WebsiteLearn more→
Phone(502) 564-4775
Toll-Free1-800-228-6420
Mailing Address
PO Box 978, Frankfort, KY 40602-0978
WebsiteLearn more→
Death Claims
Phone(502) 564-4775
Toll-Free1-800-228-6420
Mailing Address
Commonwealth Credit Union, PO Box 978, Frankfort, KY 40602-0978
WebsiteNotify online→
Verified Jul 2026
How your Commonwealth CU accounts transfer at death depends on how each one is set up. As a membership-based credit union, Commonwealth CU headquartered at 417 High Street, Frankfort, KY 40601. Multiple branches across Central and Eastern Kentucky including Frankfort, Lexington, Louisville, Shelbyville, and Prestonsburg (former Eastern KY FCU). Membership expanded to 36 counties across Eastern and Southern Kentucky following the April 2025 acquisition of Eastern Kentucky FCU. With 16 account types, the transfer rules vary—getting the right designations in place now prevents delays and court involvement later.
Commonwealth CU lets account holders update beneficiary designations in branch and by phone, typically taking 15-30 minutes in branch. Trust funding is also available, allowing families to retitle accounts into the name of a revocable living trust.
Commonwealth CU has documented procedures for both preparing accounts during your lifetime and handling claims when an account holder passes away.
Preparing your estate
Beneficiaries and trust funding
How to update beneficiaries in-branch, fund a trust in-branch, and review 16 account types at Commonwealth CU.
View details →When someone dies
Death claim process
6-step process, 7 required documents, and contact information for survivors.
View details →Commonwealth CU is not available nationwide. Estate planning procedures may vary by state, so confirm that your location is served before making account changes.
Frequently asked questions
Commonwealth Credit Union accounts are insured up to $350,000 per depositor: $250,000 by the NCUA (a federal government agency) plus an additional $100,000 by the Excess Share Insurance Corporation (ESI), at no cost to members. Traditional and Roth IRAs receive a separate $350,000 in coverage. Adding joint owners or beneficiaries may further increase your overall NCUA insurance coverage. Use the calculator at mycreditunion.gov/share-insurance to estimate your total coverage.
Yes. Commonwealth CU offers Traditional and Roth IRAs, available as IRA savings accounts or IRA share certificates ($1,000 minimum for certificates, terms from 6 to 60 months). Annual contribution limit is $7,500 ($8,600 if age 50 or older). Traditional IRA holders may qualify for a tax deduction; Roth IRA withdrawals are tax-free when qualified. No front-end or service charges. Payroll deduction option available. IRAs are insured up to $350,000 ($250,000 NCUA + $100,000 ESI). Beneficiary designation requires a separate Beneficiary Appointment form.
Power Checking is an all-in-one checking account with built-in high-yield savings. There is no minimum balance to open or earn the APY and no monthly service charge. To earn the highest APY, members must be enrolled in eStatements, make 20 monthly debit card transactions, and have an open loan with the credit union. Includes a free Visa debit card with mobile wallet capability and overdraft protections.
Yes. Commonwealth Credit Union accepts revocable and irrevocable living trusts. Visit any branch with your trust document or Certificate of Trust, government-issued photo ID for all trustees, and the trust tax identification number (EIN or SSN for revocable trusts). A new account is opened in the trust name. Existing accounts may need to be closed and reopened under the trust title. IRA accounts cannot be retitled to a trust but can name a trust as beneficiary. Contact the Contact Center at (502) 564-4775 or 1-800-228-6420 to discuss requirements.
The Wealth Development Certificate allows members to build savings over time with monthly deposits. It requires a $5 initial deposit plus $20 minimum monthly deposits. Available in 24-month terms (maximum $400/month deposits) or 48-month terms (maximum $200/month deposits). One withdrawal is allowed within each 90-day period; a second withdrawal in the same 90-day period results in an early withdrawal penalty and closure of the certificate. Dividends are paid annually on the anniversary of the open date. Insured up to $350,000 ($250,000 NCUA + $100,000 ESI).
Every debit card transaction is rounded up to the next whole dollar amount, and the difference is automatically deposited into a paired Round UP Savings account earning 5.00% APY. Commonwealth CU matches 100% of round-up transfers for the first 90 days (maximum $250 match), then 5% annually (maximum $250/year cumulative). The account includes a free Visa debit card and access to 135,000+ surcharge-free ATMs nationwide.
Sources
Data sourced from Commonwealth CU primary sources (16 pages reviewed). How we research.
Phone(502) 564-4775
Toll-Free1-800-228-6420
Mailing Address
PO Box 978, Frankfort, KY 40602-0978
WebsiteLearn more→
Phone(502) 564-4775
Toll-Free1-800-228-6420
Mailing Address
PO Box 978, Frankfort, KY 40602-0978
WebsiteLearn more→
Death Claims
Phone(502) 564-4775
Toll-Free1-800-228-6420
Mailing Address
Commonwealth Credit Union, PO Box 978, Frankfort, KY 40602-0978
WebsiteNotify online→
Verified Jul 2026
Estate planning articles
Learn how to protect your Commonwealth CU accounts and other assets with trusts, beneficiary designations, and estate planning documents.
