Although we are a Not-for-Profit organization, we still must charge a fee for our services. We want you to feel comfortable with us, so we want you to understand how your fees are put to use. With your fees, we pay our rent, salaries and health insurance for our employees, utility bills, office equipment, and everything else required for a business to operate. If you have any questions about our fees and how we use the money, please give us a call. We also encourage you to compare our fees with other national pooled trusts or private attorneys and bank trust departments.
We charge two separate fees. The first fee is our
Enrollment Fee. This is a one-time only fee that we charge when you first establish your Sub-Account with us. You’ll pay that fee once and then never again. We will deduct this fee from the settlement money initially sent to us.
There is no need to write a separate check.
The second fee is an Annual Fee that is assessed against the balance of your trust Sub-Account at the same time each year. This fee covers the day-to-day administration of your trust Sub-Account — including the processing of Disbursement Requests, making disbursements, and general account management, etc. We will deduct this fee from the initial funding of the trust. There is never a need for you to send us any additional money.
A. Enrollment Fee (One-Time Only)
1. Sub-Accounts completely funded at or under $2,500 are free of charge.*
2. Sub-Accounts completely funded between $2,501 and $5,000 have an
Enrollment Fee of $275.
3. Sub-Accounts completely funded between $5,001 and $10,000 have an
Enrollment Fee of $795.
4. Sub-Accounts completely funded between $10,001 and $20,000 have an
Enrollment Fee of $1,100.
5. Sub-Accounts completely funded between $20,001 and $40,000 have an
Enrollment Fee of $1,700.
6. Sub-Accounts completely funded over $40,000 have an Enrollment Fee of $2,000.
* We will also waive the Annual Fee if your account is under $2,500
** Enrollment fees are based on total assets from settlement or total assets expected to inure to sub-account. This prevents individuals from initially funding their sub-accounts for free with an initial deposit of $100 — knowing that a settlement check for $100,000 is on the way next month. When calculating the Enrollment Fee, we will round up or down to the nearest whole dollar amount.
B. Annual Fee
All accounts will be charged an annual fee of 1.5% of the total trust account. If a trust is initially funded during the second half of the year, we will waive the annual fee for that year and will not charge an annual fee until the following year. Accounts funded during the first half of the year will be pro-rated for the remainder of the year.
