How to name beneficiaries and fund a trust at First Tech

For deposit accounts (checking, savings and share certificates), a POD designation is made in the "Designation of Pay-on-Death Payee(s)" section of Membership Application Form F-00001, in person or by mail.¹

A POD designation does not apply to IRAs, which are governed by a separate beneficiary designation.²

The Membership Application does not control IRA accounts; they use their own account cards.¹

The Membership Application does not control fiduciary accounts; they use their own account cards.¹

The Membership Application does not control business accounts; they use their own account cards.¹

Business and organization accounts are not eligible for personal, trust or fiduciary treatment on the rewards accounts.³

HSA accounts are not eligible for personal, trust or fiduciary treatment on the rewards accounts.³

A trust may be named as a POD payee: the payee field reads "First Name / Last Name or Name of Trust".¹

The printed form provides two pay-on-death payee blocks, each with a percentage field.¹

Where more than one POD payee survives, the agreement provides that they own the funds jointly "without rights of survivorship" and disbursement is made in equal shares.⁴

A POD designation is made on the signed Membership Application. The form states "we cannot process your application until it's signed", so it cannot be completed online or by phone alone.¹

For payable-on-death accounts. Available to download.¹

Return to

The form footnote states that the change "supercedes all previous designations".¹

The Membership and Account Agreement states that a POD account is payable "first to us to the extent of any outstanding matured or unmatured debts owed to us by you, and second, to your designated POD payee(s)".⁴

The agreement states the credit union "does not have any obligation whatsoever to notify any beneficiary of the existence of any account", and that notifying a payee is the member's responsibility.⁴

If a POD payee dies before the member, the agreement makes it the member's responsibility to notify First Tech and change the account.⁴

Funds in a fiduciary account may not be pledged as security for a loan.⁴

For trust accounts. Completed by each trustee, signing under their fiduciary title. Available to download.⁶

Return to

The bylaws (Art. III Sec. 6) require the trust to state the name of the beneficiary and require a membership link: the settlor for a revocable trust, or the settlor or a beneficiary for an irrevocable trust, must be a member in their own right.⁷

Trust accounts established before the effective date of the bylaw section are grandfathered: "Trust accounts established prior to the effective date of this section shall not be affected".⁷

The Membership and Account Agreement states the signature card or Fiduciary Account Application "will not be approved unless successor trustee(s) are designated".⁴

The agreement states "THE CREDIT UNION HAS NOT REQUESTED OR RECEIVED A COPY OF THE TRUST INSTRUMENT AND SHALL IN NO EVENT BE LIABLE FOR ITS CONTENTS", and that it is "not required to know, understand, interpret, or enforce the terms of your Trust Instrument" or to keep it on file.⁴

The agreement reserves the right to require a notarized trust certification before opening the account or making changes to it.⁴

Any trustee acting alone may change, add or close a trust account or service, and First Tech has no duty to notify the other trustees. It may require all trustees to consent in writing to adding or removing a trustee.⁴

Beneficiary designations and trust accounts for investment accounts³

Beneficiary designations and trust accounts for investment accounts³