After I am enrolled in the trust, how do I make my monthly deposits?
You send your payment to CDR every month. Although we encourage making a direct deposit, you can send us personal checks, money orders, cashier’s checks or certified bank checks drawn onthe beneficiary’s account. Make them payable to CDR’s Community Supplemental Needs Trust.
We do not accept cash. That’s for your protection. If cash gets lost, there is no way to track itdown. If you send a check and it doesn’t arrive or gets misplaced (that happens very infrequently, but we are human), we can resolve the situation.
How do I set up an automatic payment into the Trust?
We encourage people to use direct deposit from your personal bank account because it is very simple. Once it is set up, you don’t have to do anything until your spend-down changes.
The Trust has contracted with a third party software allowing us to automatically withdraw funds from your bank account. You authorize this process using the Pooled Trust Direct Deposit form. You simply fill out a Direct Deposit Form with your bank account information, the amount you want us to withdraw, and the day of the month to make the transfer. You can set up a regular amount to be withdrawn every month or authorize a one-time electronic transfer into your trust account.
How quickly are the funds deposited in my trust sub-account?
Our system is working around the clock. Scheduled electronic transfers happen overnight and are immediately credited to your account. Deposits that are mailed in are generally processed and credited the same daythat they are received.
How accurate is your system?
We are handling money, so we put internal controls in place to ensure our staff process these transactions appropriately. Electronic deposits are verified by two people and can only be changed by a few staff. Our mail is opened by two people and the checks that are mailed in are documented separately to make sure nothing gets lost.The deposits are then credited to people’s accounts by one staffer and then verified by a second. That ensures the highest level of accuracy.