Estate planning options at Finance Factors
The key to protecting your Finance Factors accounts is making sure each one has a transfer mechanism in place—either a beneficiary designation. Without one, the account goes through probate, adding time, cost, and court involvement for your family.
Finance Factors has 10 accounts with different estate transfer rules. Here is how beneficiary designations, trust ownership, and probate apply to each one.
Contact Finance Factors directly for information about adding or updating beneficiary designations on your accounts.
Why trust accounts are not available
Finance Factors does not currently support retitling accounts into a trust. The alternative is to name a trust as the Transfer on Death beneficiary, which provides similar probate-avoidance benefits while keeping the account in the individual's name.
Premier Savings
A tiered savings account opened at a branch. A $5 monthly service fee applies in any month the balance falls below $100, and an account closed within 90 days of opening is charged a $25 early closing fee.
eSavings
An online savings account. A $15 monthly service fee applies in any month the balance falls below $100, and an account closed within 90 days of opening is charged a $50 early closing fee. An account closed online is followed by written notice to Finance Factors within 10 days, or the accrued interest is forfeited.
Short and Long Term CDs
Opened at a branch. The 12- and 24-month eCD specials are opened online on the same $1,000 minimum. The disclosures state a penalty may be imposed for early withdrawal and print no amount, and a replacement certificate costs $10.
Rising Rate CD
Four consecutive 7-month certificates, each at its own rate. Funds can be redeemed without penalty during a 10-day grace period at the end of each term; after the fourth term the certificate renews as a 6-month CD.
The Savers Club
A certificate that takes additional deposits during its term, with interest credited and compounded quarterly and a monthly statement.
Traditional IRA
The Fee Schedule charges $35 to transfer an IRA out of Finance Factors.
Roth IRA
The same $35 transfer fee applies when a Roth IRA is moved to another custodian.
Sources
(2)·
Data sourced from Finance Factors primary sources (36 pages reviewed). How we research.
Finance Factors estate support
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Estate planning articles
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