How to name beneficiaries and fund a trust at CIBC US

A separate POD beneficiary designation is completed for each account, with the account type checked on the form. The form covers checking, savings, money market and CD accounts.¹

CIBC Agility Savings and Agility CD accounts use a different form and a different processing department (Agility Account Processing) than banking-center accounts (POD Account Processing).²

POD beneficiaries must be natural persons (individuals) with a U.S. Social Security number.¹

A trust cannot be named through the POD form.¹

A charity cannot be named through the POD form.¹

An estate cannot be named through the POD form.¹

Up to six POD beneficiaries can be named per account on one form. Where two or more survive, they take in equal shares unless the bank agrees otherwise, and without right of survivorship between them.¹

"Designation of or changes to any POD beneficiaries must be in writing on a form approved by the bank and signed by all account owners."¹

For payable-on-death accounts. Completed by all account owners. Available to download.^{1, 3}

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For payable-on-death accounts. Completed by all account owners. Available to download.²

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The designation is active only after CIBC receives it signed by all owners and verifies every owner's identity. The bank then confirms in writing.¹

Ownership of a POD account cannot be changed by will.¹

CIBC treats a multi-owner POD account as a joint tenancy with right of survivorship unless it agrees otherwise in writing. The POD beneficiaries take only after the last surviving owner dies.¹

On a Wisconsin Marital Account or another joint account without right of survivorship, the deceased owner's proportionate share (50% where there are two owners) passes to the POD beneficiaries and the surviving owner keeps the remainder.¹

For New Jersey residents, CIBC states on the Agility POD form and in the deposit account agreement that the account is subject to New Jersey's Multiple Party Deposit Account Act.^{2, 3}

A CD is opened at a banking center, so converting one to trust title is done on the same banking-center visit.⁴

To hold a CIBC deposit account in a revocable living trust, it is opened or converted at a banking center, which limits in-person trust funding to Illinois, Florida, Michigan and Missouri.⁴

Trust, fiduciary and custodial accounts cannot be opened or held online. CIBC states: "If you'd like to open your account with a trust, fiduciary, or custodial ownership, please visit a banking center."^{5, 6}

CIBC Agility (online) accounts cannot be owned by a trust or established as fiduciary or custodial accounts. Agility accounts are individual or joint (two owners) only.⁷

The deposit agreement's customer-identification clause applies to every new account: "To open an Account, you must provide us with current identification and an accurate Taxpayer Identification Number."³

Corporate trustee and fiduciary services for trusts, separate from trust-titled deposit accounts⁸