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Do deposits in registry of courts earn interest?
Currently deposits do not earn interest automatically. A court order is required for investing funds deposited into the registry of courts for all Trust types.
Where do the County Clerk invest the funds and what interest will be earned?
County Clerk selects the financial institution that pays the best available interest and meets safety and liquidity requirements.
What are the requirements to get funds out of the Courts Registry once the recipient has turned 18?
We will need all of your identifying information, current address or phone number, and a Court Order. You will need to send us (mailed, hand delivered or faxed)
- Copy of Birth Certificate
- Copy of Social Security Card
- Copy of Government issued identification (Driver's License, State ID or Military picture ID) and
- The original Affidavit for Withdrawal of Funds which is signed and notarized ON or AFTER the 18th birth date. (We include this Affidavit with the letter we send 30 days prior to the date you turn 18. If you have not received this form or letter from this office please contact the Dallas County Trust Department.)
We will obtain the Court Order to disburse the funds if not already part of the original Court Order.
Allow 10-15 business days after the maturity date and the date the required documents are received in this office for disbursement of funds. The investing institution must release the funds to the County Clerk before a check can be disbursed to you. To pick up your check from the County Treasurer's Office you MUST know your check number and present a Government issued ID.
How do we know how much interest is earned on invested account?
In January of every year, form 1099 INT issued by financial institutions indicating previous year interest earned is mailed by the County Clerk to each account holder. If you should have received a 1099 INT, and you have not received one by the end of February, you may contact the Trust Department.
What are the fee charged by County Clerk on registry fund deposits and disbursements?
Sections 117.054 and 117.055 of Local Government Code permits County Clerk to deduct administrative fees of ten percent of the interest earned on invested funds or five percent of the deposit for a maximum of $50 if funds are not invested. These fees will be deducted when disbursement is made from registry of court. |
