University Bank offers “Charity CDs”, where a supporter of a non profit organization opens a new CD and directs that the interest from the CD be paid to that non profit. To sustain the annual income, the non profit organization needs only to encourage the depositor to renew the CD each year that it matures.
Typically what we see over time, is that the depositors who conclude that they don’t need the income from the CD decide to will the CD principal to the charity or establish the CD as a “Transfer on Death” or TOD account, so that the asset can pass directly to the charity when their estate is settled outside of probate.
In sum, the more the non profit organization and its members, friends and supporters deposit in University Bank the more money that will be donated. We welcome your participation to allow Community Unity to be as big a contributor as it can be.