How to name beneficiaries and fund a trust at Abound CU

POD beneficiaries are designated on the Account Card, under Section 37 of the Membership Agreement.¹

Abound "reserves the right offer POD only on certain account products, such as Certificates."¹

Section 37 states that "POD beneficiary designations do not apply to IRA accounts." An IRA beneficiary is governed by the separate IRA Agreement/Certificate.¹

An IRA cannot be retitled to a trust but can name a trust through the IRA beneficiary designation.²

Under Section 34 of the Membership Agreement, a change to a multiple-owner account may require every owner to sign. Changes take effect only once accepted by the Credit Union.¹

For payable-on-death accounts. Completed by the account owner. Sent by the institution on request.¹

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For IRAs. Sent by the institution on request.²

Where more than one beneficiary survives, they own the account jointly without rights of survivorship. Nothing is paid to a beneficiary, or that beneficiary's heirs, who is not living when the account becomes payable.¹

The Credit Union has no obligation to notify a POD beneficiary that the account or their interest exists.¹

Joint account owners take by right of survivorship under Section 36. Abound may not release funds to a survivor until all required legal documents are delivered.¹

Beneficiary changes cannot be made through Online or Mobile Banking. The change is made by phone or in a branch.³

IRA accounts cannot be retitled to a trust but can name a trust through the IRA beneficiary designation.²

Existing checking, savings, money market and certificate accounts can be retitled into the trust name, or new trust accounts opened.³

Trust account setup requires an in-branch visit. It cannot be done in Online or Mobile Banking.³

Section 39 requires that anyone acting as trustee, personal representative, guardian, custodian or other fiduciary "must be designated to us as such on the Signature Card, as well as any other documentation we may require."¹

Abound is authorized to follow a fiduciary's directions until it receives written notice that the agency is terminated and has had a reasonable time to act on that notice.¹

Section 39 says that for trust and custodial accounts Abound "make[s] no representations and give[s] no advice concerning any such accounts and may refuse to open any account or refuse to follow any instruction that may expose us to any expense or liability."¹

Section 32 says the person establishing the account "are solely responsible for the structure and information provided for the account," and that Abound "provide[s] no advice and make[s] no representations regarding the structure of any account(s)."¹