Yes. A Master Trust can be funded at any time, although once it is funded in any amount, monthly Trustee fees will be charged. In addition, once a Master Trust has a cumulative value of $15,000 or more, Trust Advisor fees will be charged and distributions can be made. Therefore, while a deposit to an unfunded trust is always permissible, it should only be done after consideration of the fees, income tax consequences, and other ramifications. Our Trust Development Coordinators can help explain our policies to assist a Grantor in making an informed decision regarding deposits.
No. We require cash deposits. We prefer paper deposit checks, but electronic deposits may be permitted if required by the transaction or depositing institution (e.g., sale of real property). Please contact our Trust Development Coordinators for our electronic deposit procedure.
No. Unlike other accounts (such as ABLE Accounts), there is no minimum or maximum amount that can be deposited in our pooled trust. There are also no requirements regarding how frequently or infrequently deposits are made.
No. A pooled trust is different than an individual bank account. For pooled trust purposes, Community Fund Ohio is Huntington’s client and a party cannot make a deposit or withdraw funds without involving Community Fund. Additionally, Community Fund works with Huntington’s Specialty Trust Department and not the retail bank branches where personal banking is conducted.
You may drop off deposit checks in our mailbox. Our mailbox is inside our building and is accessible when the building is open between 8:30 am and 4:30pm on Monday through Friday (excluding holidays). Our receptionist is also happy to accept deposit checks when our lobby is open to the public. Please visit our website for information regarding lobby and office closures.