How to designate beneficiaries at Clearwater Credit Union

A POD designation covers all of the member's sub-accounts at Clearwater unless a certificate carries its own.¹

A share certificate can name its own POD beneficiaries. That designation controls the certificate and overrides the account-level one for it alone.¹

An IRA is outside the POD designation; its beneficiary is named under the IRA's own agreement.¹

When more than one named beneficiary survives, they share the account equally.¹

Every owner of the account must agree to a change in the beneficiary designation, made on a form the credit union approves.¹

The owners keep the account while they live; the POD beneficiaries are paid only after the last owner dies. A POD beneficiary cannot also be an owner.¹

Only beneficiaries living at the last owner's death are paid, and one beneficiary does not take another's share when that beneficiary dies.¹

Clearwater has no duty to tell a beneficiary that an account exists or that the beneficiary's interest has vested, except where the law requires it.¹

Accounts can be owned by a trust, and the agreement counts revocable trust accounts among the share accounts its lien reaches.¹

A trustee acting for a trust account is named as such on the Account Card, and Clearwater has no duty to look into how the trustee uses the account.¹

Clearwater does not advise which account arrangement suits a particular trust or will.¹