How to name beneficiaries and fund a trust at Dime

POD designations are available on deposit accounts: checking, savings, CDs and money market accounts.¹

Dime reserves the right to refuse some forms of ownership and beneficiary designations, and makes no representations as to the appropriateness or effect of a designation except as they determine to whom it pays the account funds.²

IRA beneficiary designations are made on the IRA custodial paperwork, not on the deposit-account signature card.¹

A trust can be named as a POD beneficiary. The bank asks for the trust name, the date of the trust, and the trust EIN or grantor SSN.¹

A trust may be named as IRA beneficiary.¹

Where two or more beneficiaries or P.O.D. payees are named and survive, they "will own this account in equal shares, without right of survivorship."²

The designation is completed by signing the updated account documentation. A request started by phone or secure message is finalized and signed at a branch.¹

The POD designation takes effect immediately upon completion.¹

Beneficiaries have no rights to the account during the account holder's lifetime. A P.O.D. payee cannot withdraw until all parties who created the account have died and the payee is then living.²

The party who created the account keeps the right to "(1) change beneficiaries/P.O.D. payees, (2) change account types, and (3) withdraw all or part of the account funds at any time."²

Under the "Pledges" clause, "Any pledge of this account must first be satisfied before the rights of any surviving account owner or account beneficiary become effective."²

Deposit accounts (checking, savings, CDs and money market accounts) can be retitled to a revocable living trust.¹

IRA accounts cannot be retitled to a trust.¹

Real property already mortgaged by Dime and transferred into a trust may require notifying the lender. Servicing sits with the subservicer at dime.yourmortgageonline.com.³

Under the "Fiduciary Accounts" clause, an account may be opened by a trustee named under a written trust agreement, but "by merely opening such an account, we are not acting in the capacity of a trustee."²

The same clause says Dime does not "undertake any obligation to monitor or enforce the terms of the trust or letters."²

The backup-withholding table in the Consumer Terms and Conditions lists "Informal (Revocable) Trust - SSN/ITIN of the owner."²

Retitling a CD mid-term can trigger the early-withdrawal terms.¹

New York title work and the recording forms that accompany estate and trust conveyances⁴

Servicing of mortgages made by Dime³