How to name beneficiaries and fund a trust at Achieva CU

POD beneficiaries are designated on the Signature Card.¹

The Signature Card POD designation excludes "Certificate of Deposit Accounts and/or Certificate Individual Retirement Accounts, which shall be governed by a separate written beneficiary(ies) designation."¹

A Certificate IRA is excluded from the Signature Card POD designation and takes a separate written beneficiary designation.¹

Any IRA takes its own beneficiary designation form.²

An HSA takes its own beneficiary designation form.²

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

An HSA cannot be retitled to a trust but can name the trust on its own beneficiary designation.²

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

Return to

For certificate of deposits. Sent by the institution on request.¹

For IRAs. Sent by the institution on request.²

For health savings accounts. Sent by the institution on request.²

Where more than one beneficiary survives, the account is "owned jointly by such beneficiaries WITH rights of survivorship," so the last surviving beneficiary can end up with the whole balance.¹

The owner may remove any or all POD beneficiaries at any time, but to bind Achieva the revocation "must be in writing and accepted by us."¹

Only the account owner may pledge a POD account as loan collateral; no beneficiary may. That pledge survives the owner's death and is superior to the beneficiary's rights.¹

Achieva "shall at no time have any obligation whatsoever to notify any beneficiary of the existence of any Account or the vesting of the beneficiary's interest."¹

All multiple-owner accounts are joint accounts with rights of survivorship, expressly "not tenancies by the entireties."¹

Beneficiary maintenance is not available in Achieva Online or Mobile Banking.²

An IRA cannot be retitled into the trust but can name the trust on its own beneficiary designation.²

An HSA cannot be retitled into the trust but can name the trust on its own beneficiary designation.²

Existing checking, savings, money market and certificate accounts can be retitled into the trust name, or new trust accounts opened. Trust account setup requires a branch visit.²

Achieva "may, at our complete discretion, permit accounts to be owned by trusts on a case-by-case basis." It may refuse to follow instructions it believes might expose it to claims, lawsuits, expenses, liabilities or damages.¹

Achieva "cannot counsel you as to which account arrangement most appropriately meets the specific requirements of your trust, will, or court order." "The Credit Union shall not administer trust accounts."¹

Achieva "has no responsibility to determine if the trustee, personal representative, administrator, or any other fiduciary has been duly appointed and qualified to act in that capacity." Its "only obligation with such accounts is to act as a depository for the funds in the account."¹

The account holder agrees to hold Achieva harmless and indemnify it against claims arising out of any transaction on such an account. Account changes may be required to be in writing, signed, and accepted by Achieva at its discretion.¹

The beneficiary designation on any certificate that moves into the trust is re-done; a Signature Card POD designation never applied to it.²

The published field of membership expressly includes trusts and legal entities in the 15 core counties. It also covers anyone related to a current member.³