How to name beneficiaries and fund a trust at BCU
Covers 7 deposit, 3 retirement, and 7 lending accounts — beneficiaries can be managed online
BCU Member Relations
BCU, 340 N. Milwaukee Avenue, Vernon Hills, IL 60061
BCU Member Relations
BCU, 340 N. Milwaukee Avenue, Vernon Hills, IL 60061
BCU Member Operations / Specialty Team
BCU, 340 N. Milwaukee Avenue, Vernon Hills, IL 60061, ATTN: Member Operations
Estate planning at BCU means getting each account set up so it transfers automatically when you die—either through a POD beneficiary or trust ownership. Because BCU is a membership-based institution, trust retitling must maintain the membership eligibility requirement. Without one of these in place, accounts may require probate before your family can access the funds.
With 17 product types, BCU offers a range of transfer options. Some accounts support Payable on Death (POD) designations, others can be retitled into a trust, and some require probate if no beneficiary is designated. The sections below break down each step.
Required Documents
- Trust name, date established, and tax ID (EIN or SSN)
Special Requirements
- The beneficiary/POD designation attaches to the MEMBERSHIP, not to a single account. Under the Consumer Member Service Agreement (CMSA 06-01-2026), the ownership and survivorship features of your savings account apply to every other account under the same member number, including sub-accounts. Retirement accounts are the exception; their beneficiaries are set separately.
- To hold accounts with different beneficiaries, ask BCU for an additional member number or sub-account number — one membership cannot carry two different POD splits.
- BENEFICIARY SHARES ARE ALWAYS EQUAL. "Each beneficiary's share of the funds in the account will be determined by dividing the amount of the funds in the account by the number of beneficiaries designated on the account." Percentage allocations are not accepted; an unequal split requires separate memberships or a trust.
- No anti-lapse: if a beneficiary/POD payee dies before you, that beneficiary's share goes to THEIR estate on your death, not to the surviving beneficiaries (CMSA Provision 4).
- IRA accounts use a separate IRA beneficiary designation and a BCU-issued Payment Election form at claim time, not the membership POD designation.
- Designations are not viewable in Digital Banking; confirm them by phone, Live Chat, or at a branch.
- The CMSA states that, where state law permits, you irrevocably waive the right to dispose of these account funds by will — the POD/survivorship features on BCU's records control and supersede an inconsistent will.
Sources
Data sourced from BCU primary sources (17 pages reviewed). How we research.
Download these BCU instructions
Download instructions for the whole estateA printable PDF with the steps, required documents, and contact details — verified against BCU primary sources. Bring it to the branch or keep it beside the phone.
BCU Member Relations
BCU, 340 N. Milwaukee Avenue, Vernon Hills, IL 60061
BCU Member Relations
BCU, 340 N. Milwaukee Avenue, Vernon Hills, IL 60061
BCU Member Operations / Specialty Team
BCU, 340 N. Milwaukee Avenue, Vernon Hills, IL 60061, ATTN: Member Operations
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