How to name beneficiaries and fund a trust at Greylock FCU

POD payees are available on deposit accounts: checking, savings, money market, and certificates.¹

POD designations do not apply to IRAs (Provision 4.a). IRAs carry their own beneficiary designation.¹

A trust may be named as a POD payee on a deposit account.¹

A trust is named on the IRA beneficiary designation if the trust is meant to receive the IRA.¹

An organization may be named as a POD payee on a deposit account.¹

Multiple POD payees take equal shares: the balance is divided by the number of payees, not custom percentages.¹

Sent by the institution on request.¹

Return to

If a POD payee dies before the owner, that payee's share passes to the deceased payee's estate, not to the surviving payees. If the sole POD payee dies first, the whole balance goes to that payee's estate on the owner's death.¹

The owner "irrevocably waive[s]" rights to make testamentary dispositions from any account, to the extent state law permits (Provision 4.l). Ownership and survivorship features and beneficiary/POD payee designations "control and supersede any inconsistent testamentary disposition".¹

On the owner's death Greylock "may rely exclusively on the MSA and our records".¹

An owner may name an information user (Provision 4.k): a trusted family member, friend, or professional such as a financial advisor, CPA, or attorney, who can request and access all information about the accounts without any ownership or survivorship rights in the funds.¹

Greylock has no duty to tell a POD payee they were named. It will not give anyone information about the accounts until they have first established legal authority (Provision 25.c).¹

An owner, and each POD payee, agrees to be responsible for legal advice Greylock requires on any matter concerning a claim involving the accounts (Provision 1.g, applied by Provisions 25.a and 25.b).¹

Trust-titled checking, savings, money market, and certificate accounts are accepted (Provision 4.h, "Accounts that Hold the Funds of a Trust").¹

An IRA cannot be retitled to a trust.¹

Sent by the institution on request.¹

Return to

Any trustee on a multi-trustee account may act alone, and Greylock has no duty to notify the other trustees.¹

A successor trustee has no rights to the account until they deliver proof of succession and authority to act that Greylock verifies (Provision 4.h).¹

Once the account is open, Greylock "may thereafter refer to and rely exclusively on the MSA". It keeps a copy of the trust only for initial due diligence and does not read, interpret, or police the trust terms afterward (Provision 4.h).¹

Greylock may require proof of authority before it takes a check made payable to the trust, and may require the check be deposited into the trust's own account (Provision 4.h).¹

At least one trustee must qualify for Greylock membership.¹

Greylock may require any grantor, trustee, successor trustee, or beneficiary to sign a hold-harmless agreement along with their consent to the Member Service Agreement (Provision 4.h).¹