PenFed Forms and Agreements, everything you need in one place

Notes:

• Pentagon Federal Credit Union (PenFed) requires all grantors and trustees to become PenFed members before establishing accounts titled under a trust. Beneficiaries do not have to become members. Please visit PenFed Online - How to Establish Membership to get started.
• Please confirm that your trust is an Irrevocable Living Trust (IRT). If your trust is a Revocable living Trust (RLT), different paperwork must be completed.
• An IRT is a legal arrangement whereby assets are transferred by (a) person(s) (usually called the Grantor) during their lifetime into an IRT. Through the IRT, a party (Trustee) holds and manages the assets for the benefit of another person or persons (Beneficiary).
• The Grantor chooses not to retain certain rights, ownership, or powers over the IRT to ensure the IRT is not taxable to them and the assets may be removed from their estate.
• An IRT will have its own PenFed membership since it is a separate entity. 
• This account is set up under the Trust's Tax Identification Number.

Please be sure to submit all required forms and documents, or there may be a delay in processing your request.

Required Forms: 

1. Membership/Account Application (Form 20-IRT) (PDF) or Application for Premium Online Savings Account (Form 220-IRT) (PDF)
   • The Grantor(s) and Trustee(s) must sign in the appropriate sections.
2. Declaration of Trust (Form 74) (PDF)
   • The identity of the Grantor(s), Trustee(s), Successor Trustee(s), and Beneficiaries must be provided on this form.
   • Successor Trustees and Beneficiaries need only be completed if they are listed in their Trust.
   • All primary Trustees must sign for the IRT account to be established.
   • If a Grantor or Trustee is deceased and the Certificate of Trust does not list a deceased date, obtain a death certificate for the deceased individual.
3. Application and Agreement for Irrevocable Trust (Form 43) (PDF)
   • All primary Trustees must sign this form

Required Documents: 

1. Trust agreement or Trust Certificate:
   • If choosing the Certificate of Trust, it must include the following: 
     
     • Name of trust
     • Names of grantors
     • Names of trustees, 
     • Signatures from the Trustees, witnessed and notarized, 
     • If applicable, a personal SSN instead of a unique TIN for the Trust.
2. IRS Assignment of TIN Verification Letter.

You might be interested in these additional IRT account products:

• Application for Checking Account (Form 151-IRT) (PDF)
• Application for Premium Online Savings Account (Form 220-IRT) (PDF)
• Application for Money Market Savings Account (Form 400-IRT) (PDF)
• Application for Money Market Certificate (Form 688-TRUST) (PDF)
  • All primary Trustees must sign at the bottom of the form. The "Member Owner" section must be completed with the IRT Information (SSN  = Tax ID Number & DOB =  Date Trust Established).

Additional Information:

• IRA products, loans, ATM cards, and debit cards are not available for IRT accounts.
• Only primary Trustees will have access to the funds.

Please call 1-800-247-5626 with questions. We would be happy to assist you.

Eligibility for Membership:

AlI members of your Organization must be within our field of membership and must be:

• Members of ASMC, CGAuxA, Marine Corps League, MOAA, NAUS, Navy League, ROA, USAWOA, VFW
  OR
• The Organization is a federal credit union

If the Organization’s members do not qualify as indicated above, a letter must be attached to the application with an explanation of how all members of the Organization meet PenFed’s membership requirements. For information on field of membership, please click here, or contact a Member Service Representative at 1-800-247-5626.

Please be sure to submit all required forms and documents, or there may be a delay in processing your request.

Required forms to open an Organizational Account:

1. Membership/Account Application (Form 20-ORG) (PDF) or Application for Premium Online Savings Account (Form 220-ORG) (PDF)
   • To establish, or make changes to your Organizational account, please fill out the Membership/Account Application Form (20-ORG).
2. Certification Regarding Beneficial Owners of Legal Entity Customers (37-ORG) (PDF)
   • This form must completed yearly by legal entities regardless if changes are made that year.
   • Every time an account is opened or ownership is changed, this form must be completed. This form is attached to forms 20-ORG, 151-ORG, 400-ORG, and 688-ORG for your convenience.
   • Color copy of government issued ID(s) for all non-member authorized signers.

Required documents to open an Organizational account:

1. Organization Confirmation Letter
   • For private organizations: The letter can be a copy of Meeting Minutes indicating authorization to open the account.
   • For military, church, or larger charitable organizations: The letter must provide permission to open the organization account in the organization's name. For example, a pastor from a church could provide permission to use the church name.
2. Articles of Incorporation for the Organization or Certificate of Organization
3. IRS assignment of TIN verification letter

Required Forms to Change Authorized Signers on an Organizational Account:

• If all authorized signers are changing:
  • Membership/Account Application (Form 20-ORG) (PDF) or Application for Premium Online Savings Account (Form 220-ORG) (PDF)
• If at least one signer will remain on the account:
  • Amendment to Resolution to Conduct Business with Pentagon Federal Credit Union (Form 1382) (PDF)

Required Documents to Change Authorized Signers on an Organizational Account:

1. If all authorized signers are changing:
   • Color copy of government issued ID(s) for all non-member authorized signers
   • A document from the organization that records the change in authorized signers, such as meeting minutes, a letter from the leader or a letter signed by a previous signer.
2. If at least one signer will remain on the account:
   • Color copy of government issued ID(s) for all non-member authorized signers.

You might be interested in these additional Organizational account products:

• Application for  Checking Account (Form 151-ORG) (PDF)
• Application for Premium Online Savings Account (Form 220-ORG) (PDF)
• Application for Money Market Savings Account (Form 400-ORG) (PDF)
• Application for Money Market Certificate (Form 688-ORG) (PDF)
  • All signers for the Organization must sign at the bottom of the form.

Additional Information:

• ATM and debit cards are available for Organizational accounts.
• Only secured Share Loans are available for Organizational accounts.

Please call 1-800-247-5626 with questions and we would be happy to assist you.

Eligibility for PenFed Membership:

To be eligible for membership, a Public Unit must be:

• Under the control of a federal agency
• Under the control of  a state agency
• Under the control of a local government agency

Please be sure to submit all required forms and documents, or there may be a delay in processing your request.

Required forms and documents to open a Public Unit Account:

1. Public Unit Membership Application (Form 13-PU) (PDF) or Application for Premium Online Savings Account (Form 220-PU) (PDF)
2. Resolution by Public Unit to Conduct Business with Pentagon Federal Credit Union (Form 652) (PDF)
   • To establish your Public Unit Membership and Share Account, please fill out both forms completely.
   • All persons who are to have authority to access the Public Accounts must provide their information and sign the forms.
   • An authenticated true copy of authority to make share purchases and withdrawals must be provided with these forms.
   • To establish your Public Unit Membership and Share Account, please fill out both forms completely.
   • All persons who are to have authority to access the Public Accounts must provide their information and sign the forms.

Required Documents to Open a Public Unit Account:

1. An authenticated true copy of authority to make purchases and withdrawals, such as one of the following:
   • Articles of incorporation
   • Certificate of PUA from a governing authority
   • Meeting Minute Notes
   • Letter from Military Commander
2. Color copy of government issued ID(s) for all non-member authorized signers

Required Forms to Change Authorized Signers on a Public Unit Account:

• If all authorized signers are changing:
  • Public Unit Membership Application (Form 13-PU) (PDF)  or Application for Premium Online Savings Account (Form 220-PU) (PDF)
• If at least one signer will remain on the account:
  • Amendment to Resolution to Conduct Business with Pentagon Federal Credit Union (Form 1382) (PDF)

Required Documents to Change Authorized Signers on a Public Unit Account:

• If all authorized signers are changing:
  • Color copy of government issued ID(s) for all non-member authorized signers
  • A document from the organization that records the change in authorized signers, such as meeting minutes, a letter from the leader or a letter signed by a previous signer.
• If at least one signer will remain on the account:
  • Color copy of government issued ID(s) for all non-member authorized signers

You might be interested in these additional Public Unit Account products:

• Application for  Checking Account (Form 151-PU) (PDF)
• Application for Premium Online Savings Account (Form 220-PU) (PDF)
• Application for Money Market Savings Account (Form 400-PU) (PDF)
• Application for Money Market Certificate (Form 688-PU) (PDF)

All signers for the Public Unit must sign at the bottom of the form. The Member Owner section must be completed with the Public Unit Information (SSN = Public Unit’s EIN and DOB =  Date  Public Unit  Established.)

Additional Information:

• ATM and debit cards are available for Public Unit Accounts.
• Only secured Share Loans are available for Public Unit Accounts.

Please call 1-800-247-5626 with questions and we would be happy to assist you.

Please note that each account the joint owner is being removed from will be closed and a new account opened.

A joint owner cannot be removed from a Money Market Certificate without consent. You must send a written request to close the certificate with an acknowledgment of penalty. If you choose to leave your certificate unchanged, the joint may withdraw the funds.

To remove a joint owner from your deposit accounts with PenFed you will need to complete the following forms:

• Joint Owner Removal Without Consent (Form 834)(PDF)
  • The forms listed below must also be completed and submitted for each account type you are updating.
• Membership Application (Form 13) (PDF)
  • This form must be completed to update the ownership of any existing Share Savings Accounts.
• Checking Account Application (Form 151) (PDF)
  • This form must be completed to update the ownership of any existing PenCheck Checking Accounts
• Money Market Savings Account Application (Form 400) (PDF)
  • This form must be completed to update the ownership of any existing Money Market Savings Accounts.

Please call 1-800-247-5626 with questions and we would be happy to assist you.

Notes:

• Pentagon Federal Credit Union (PenFed) requires all grantors and trustees to become PenFed members before establishing accounts titled under a trust. Beneficiaries do not have to become members. Please visit PenFed Online - How to Establish Membership to get started.
• Before completing the following forms, please confirm your Trust is an RLT. If your Trust is an Irrevocable Trust (IRT), separate forms must be completed.
• Definition: A Revocable Living Trust is a legal arrangement established by a person(s) (usually called the Grantor) during their lifetime through which a party (Trustee) holds and manages assets for the benefit of another person(s) (Beneficiary). An RLT may be amended or terminated by the Grantor at any time.
• If your RLT  has its own Tax Identification Number, your RLT will have its own membership.
• If your RLT is under your Social Security number, PenFed will establish a secondary account in the name of your Trust. Your primary Share account and membership must remain in your name
• If an account you wish to re-title to your RLT has a joint owner who is not a primary Trustee of the RLT, please contact us for joint removal paperwork as they will have to relinquish their ownership of the account.

Please be sure to submit all required forms and documents, or there may be a delay in processing your request.

Required Forms:

1. Membership/Account Application (Form 20-RLT) (PDF) or Application for Premium Online Savings Account (Form 220-RLT) (PDF)
   • The Grantor(s) and Trustee(s) must sign in the appropriate sections.
2. Declaration of Trust (Form 74) (PDF)
   • Please provide the identity of the Grantor(s), Trustee(s), Successor Trustee(s), and Beneficiaries on this form as indicated in the Trust.
   • All primary Trustees must sign for the RLT account to be established.
3. Application and Agreement for a Revocable Living Trust (Form 77) (PDF)
   • All primary Trustees must sign this form.

Additional documents required if your RLT has its own Tax Identification Number:

1. Trust agreement or Trust Certificate.
   • If choosing the Certificate of Trust, it must include the following: 
     • Name of trust
     • Name of grantors
     • Name of trustees,
     • Signatures from the trustees, witnessed and notarized, 
     • If applicable, a personal SSN instead of a unique TIN for the trust.
2. IRS Assignment of TIN Verification Letter

 You might be interested in these additional Revocable Living Trust account products:

• Application for Checking Account (Form 151-RLT) (PDF)
• Application for Premium Online Savings Account (Form 220-RLT) (PDF)
• Application for Money Market Savings Account (Form 400-RLT) (PDF)
• Application for Money Market Certificate (Form 688-TRUST) (PDF)
  • This form is to be completed if you wish to establish a new Certificate in the name of your trust.
• Amendment to Share Certificate Agreement (Form 771) (PDF)
  • This form is to be completed if you wish to re-title an existing Money Market Certificate in the Trust, and all current Certificate owners are primary Trustees.
  • If the Certificate you wish to re-title to your RLT has a joint owner who is not a primary Trustee of the RLT,  please contact us for joint removal paperwork as they will have to relinquish their ownership of the account.
  • All primary Trustees must sign/complete the section titled Revocable or Irrevocable Trust. The primary owner of the Certificate must sign and list their Social Security number.

Additional Information:

• You cannot re-title your primary Share account, loans, or IRA accounts in your Trust.
• You can list your Trust as the beneficiary of your primary Share and IRA accounts by completing a Signature Card (Form 13) for a Share account, and IRA Designation of Beneficiaries (Form 732) for an IRA.
• ATM and debit cards are available if the Grantor is also a Trustee.

Please call 1-800-247-5626 with questions and we would be happy to assist you.

Required Documents and Forms:

Power of Attorney Document

This must be an original document, or certified copy from someone authorized to attest that the copy provided is a true and correct copy of the original.

Please Note: PenFed will not accept a faxed copy. The original or certified copy must be mailed and will be returned to you once it has been reviewed.

• Statement of Indemnity (Form L-12) (PDF)
  • This form is to be signed before a notary by the member (grantor).
  • If the member is unable to sign the form L-12 due to deployment or disability, a Statement of Indemnity by Attorney-in-fact (Form L-14) (PDF) can be signed by the Agent before a notary. The agent will also need to send a copy of the member's military orders or a doctor's note to verify member's inability to sign.
• Power of Attorney Agent's Affidavit (Form 172) (PDF)
  • This must be signed by the Agent and witnessed by a Notary Public.

Once PenFed has received the above documents, the POA will be reviewed and placed on file if accepted. Confirmation letters will be sent to both the Agent and the Grantor.

Please call 1-800-247-5626 with questions and we would be happy to assist you.

Estate Account Instruction Sheet and Forms

• The purpose of an estate account is to allow the executor to handle the finances of an individual who has passed away. The executor will use the funds in the estate to settle the decedent's debt, pay taxes, and distribute assets from the estate account.
• PenFed can establish an Estate Account if the decedent was a PenFed member at the time of death, or if the executor qualifies for PenFed Membership. An executor, however, is not required to become a PenFed member.
• To be eligible for membership, an executor must be:
  • Serving in the military (active, retired, or honorably discharged).
  • Being eligible through an association, employer, volunteer activity, or work location.
  • If the individual is not eligible through one of the standard methods, they can choose: “Other or None of these options apply to me”

Please be sure to submit all required forms and documents, or there may be a delay in processing your request.

Required Forms:

1. Application for Estate Accounts (Form 20-EST) (PDF) or Application for Premium Online Savings Account (Form 220-EST) (PDF)
   • To establish your Estate Membership and Share Account, please fill out the form completely.

Required Documents:

1. A copy of the death certificate for the decedent.
2. A court issued document appointing the executor/personal representative of the estate.
3. IRS Assignment of TIN verification letter.
4. Government issued ID for any non-member executors.

You might be interested in these additional Estate Account products:

• Application for Premium Online Savings Account (Form 220-EST) (PDF)
• Application for Checking Account (Form 151-EST) (PDF)
• Application for Money Market Certificate (Form 688) (PDF)
• Designation of Ownership (Form 100) (PDF)
• Individual Retirement Arrangement (Form 733) (PDF)

Additional Information:

• Checking, savings, and certificates can be titled under an Estate. However, IRAs cannot be opened under an Estate.
• PenFed cannot open loans under an Estate.
• ATM and debit cards are not allowed.

Please call 1-800-247-5626 with questions and we would be happy to assist you.