How to name beneficiaries and fund a trust at iQ Credit Union

A POD designation on a deposit account (checking, savings, money market, certificates) is recorded on the signed Account Card. There is no online beneficiary tool.¹

A POD designation does not apply to IRA share and IRA certificate accounts. They are governed by a separate IRA beneficiary designation.¹

Allocation percentages are given when more than one beneficiary is named.¹

A POD designation is not effective until the signed card is back with iQ.¹

For payable-on-death accounts. Completed by the account owner. Sent by the institution on request.¹

Return to

For IRAs. Completed by the account owner. Sent by the institution on request.¹

Return to

Accounts payable to more than one POD beneficiary are owned by those beneficiaries jointly with rights of survivorship. If one of them dies before the owner, their share goes to the other surviving POD beneficiaries and does not pass to that person's children.¹

A POD beneficiary is paid only after the death of the last joint account owner. A surviving joint owner takes first.¹

Section 4 of the Membership and Account Agreement says iQ has no obligation to notify a beneficiary that the account exists or that their interest has vested.¹

Deposit accounts (checking, savings, money market, certificates) can be held in the name of a revocable or irrevocable trust. An existing account can be moved onto a new Account Card in the trust's name instead of being closed and reopened.²

IRA share and IRA certificate accounts cannot be retitled to a trust. The trust is named on the separate IRA beneficiary designation.²

Section 2 of the Membership and Account Agreement permits a trust to own an account only if the trust is "qualified for Credit Union membership". A trust is not automatically eligible; it has to fit iQ's field of membership.¹

The member service representative is told whether the account is a new account in the trust's name or an existing account retitled into the trust.²