A superior alternative to traditional blocked accounts.
C3BR by ACOMTA is available in all 50 states and the U.S. territories and is intended to offer an alternative solution to traditional blocked bank saving accounts. By providing robust fiduciary controls, supervision and greater design flexibility, C3BR provides better outcomes for the Courts and the Minor, Incompetent Adult, and Unlocatable Party beneficiaries.
Civil Courts, and in some jurisdictions the Clerks of Court and various Commissioners offices and their counterparts, have an ongoing need for a reliable financial platform that facilitates their duty to ensure that assets under their supervision for Minor, Incompetent Adult and a Unlocatable Party are safeguarded and held in the most beneficial structure available.
Court-ordered Blocked, Restricted and Monitored accounts are typically placed in no more than a traditional bank account with no active fiduciary controls. History has repeatedly demonstrated the numerous shortcomings of these traditional bank accounts for both the Courts as well as the beneficiaries.
C3BR provides solutions across a broad spectrum of needs, including but not limited to:
- Blocked/Restricted and Monitored Minor Settlement Accounts;
- Restricted Minor/Adult Guardianship or Conservatorship and Monitored Accounts;
- Restricted Custodial Accounts and Monitored Accounts related to the Estate of a Decedent; and
- Restricted Custodial Accounts and Monitored Accounts related to the preserving the proceeds from a sale of an asset for an Unlocatable Party.
C3BR is a better alternative to traditional blocked accounts, exemplified by the long list of comparative advantages. To learn more about C3BR, schedule a free consultation with us.
Related reading: An in-depth look into the power of the C3BR solution, the shortcomings of traditional blocked accounts, and how to get started.
The Association of Court Ordered and Monitored Trusts and Accounts, Inc. (ACOMTA), (a 501(c)(3) tax-exempt, nonprofit corporation whose mission it is to assist the Courts through education and facilitate related solutions) sponsors the national Clerks, Commissioners, and Court Blocked and Restricted Account Trust (C3BR).
Being a trust-based platform, C3BR offers protection of the beneficiary’s government benefits. By comparison, with funds placed in a traditional custodial/receivership, government benefits are not protected and thus may be lost or reduced
- Funds placed in the C3BR – SNT Option are not “available assets,” and therefore government benefits are preserved
Online real-time 24/7 daily, monthly and annual inquiry and reporting.
- Real-time access for staff (and beneficiaries if desired) for balances, transactions and current and historical statements
- Reports and inventories are available on monthly, annual and as-needed basis and are standard
Full tax reporting and filing.
- All tax reporting, filing and tax payments requirements (if necessary) are handled automatically by C3BR in-house tax department
Reduced administration risk and burden.
- Relief of liability and risk by outsourcing to C3BR
- EP offers full customer service via email, chat and telephone to aid in processing distributions and general inquiries
- Processing and vetting distribution requests in a timely and efficient manner
- Preparation and mailing of distribution checks
- No core fees
- The optional debit card has a fee of $15 per month
Faster Distribution processing
- C3BR offers one (1) business day distributions on most requests and can also provide a point of sale debit card option.
Lower burden on Clerks, Commissioners and Court
- EP will serve as primary point of contact for all custodial fund inquiries and relieve burden to clerk’s offices.
Provides Courts with greater design options without adding cost burdens on to the beneficiary.
- Account/Trust Setup Process
C3BR is a turnkey solution with no software to install or purchase
- Clerks, Commissioners and Court staff enter the necessary information using the web-based TrustWare. (Process typically takes less than 15 minutes). This information includes data identifying the:
- Guardian (if appropriate),
- Distribution provisions/restrictions, and
- Related parties.
- Once the input is complete, C3BR generates the trust document based on the information and establishes the trust, creates a signature-ready draft order for the Court, obtains EIN and provides a trust document ready for signature within hours of submittal.
- Once the trust is created and funded, the funds are held within an FDIC-insured money market account.
- All funds are held in custody at BofI, a federal national bank, within the jurisdiction of the Court and offer pass-through FDIC insurance at the full available coverage of up to $250,000 per beneficiary. C3BR maintains per event, per client primary and umbrella coverage for liability, theft/ missing funds, E&O and cybercrime protection.
- Administration Features
- Online 24/7 Real-Time inquiry and reporting.
- Reports can be customized to work with Clerks, Commissioners and Court forms. Optional hardcopies can be issued monthly, annually, or on an as-required basis.
- A robust case and document management system that allows parents, guardians, professional fiduciaries, Clerks, Commissioners and Court to have 24/7 Real-time access to custodial documents, statements, etc.
Optionally, C3BR can pre-vet all distribution requests, with recommended action ready for Clerks,
- Commissioners and Court final approval
- C3BR can prepare physical checks or wire funds directly to beneficiaries. (wire fees apply)
- For beneficiaries with ongoing distribution needs, the optional debit card option may be:
- Funded in any amount up to a maximum of $5,000 per load
- Reloaded as often as required (standard processing is monthly. However, emergency funding is available for an additional fee)
- The card is preloaded based on an approved spend budget
- As use occurs, the receipts are accumulated and sent to Eastern Point to support the reloading of the utilized funds.
- Additional Details
- TrustWare is a collection of patented software, web-based portals and proprietary processing that makes creating trusts quick and straightforward. TrustWare is a primary pillar of the C3BR system allowing Clerks, Commissioners and Courts to design a C3BR account in less than 15 minutes. TrustWare’s design versatility provides the tools to create numerous types of clocked and restricted account solutions with a variety of unique provisions all under one platform.
- Speed, simplicity and efficiency are the basis of TrustWare.
- Courts’ Custodial Account System
- The C3BR platform allows for the quick and easy creation and administration of custodial, guardianship and receivership trust accounts. Leveraging upon our decades of fiduciary experience, patented TrustWare technology and strategic partnerships, we are now able to offer a turnkey solution for the Clerks, Commissioners and Courts to quickly create these solutions and avoid the shortcomings of the traditional custodial /receivership account platforms. What now historically takes copious amounts of time, resources and coordination can be accomplished in minutes with a simple login. The interface can handle custodial accounts for minors, incapacitated adults, Unlocatable Parties, estates, proceeds from asset sales, and special needs settlements as well as receivership accounts
- 100% FDIC Insured and Limits Monitored
- All deposits into C3BR sub-accounts are deposited and held at all times in one or more federally insured (FDIC), interest-bearing accounts:
- Having no maturity date;
- Within a Depository who is federally or state licensed;
- The Depository is in good standing to operate within the same jurisdiction as the presiding Court, Clerk or Commissioner; and
- The Depository maintains a current Moody's or S&P credit rating of “Investment Grade.”
- The maximum initial deposit into any single Depository for this sub-account shall be no more than ninety percent (90%) of the then-current FDIC limit (the FDIC limit is currently $250,000).
- In no event shall more than the then-current FDIC-insured deposit limit be held in any one federally insured depository for this sub-account.
- If it is necessary to transfer funds to an additional Depository which complies with this rule, a notice of intent to transfer funds shall be made to the Court, Clerk or Commissioner.
- Financial Strength and Safety
- All funds are held in custody at BofI, a federal national bank, within the jurisdiction of the Court and offer pass-through FDIC insurance at the full available coverage of up to $250,000 per beneficiary. C3BR maintains per event, per client primary and umbrella coverage for liability, theft/missing funds, E&O and cybercrime protection.
- Fiduciary Expertise
- With a staff comprised of internationally recognized fiduciary and trust experts, C3BR provides expert testimony, fiduciary services and guidance to Federal and State courts on trust construction, administration and fiduciary matters.