How to designate beneficiaries at Merrick Bank

Payable-on-death beneficiaries are available on the Merrick Bank Certificate of Deposit only.¹

Merrick's CD FAQ states: "You can open an individual account or a joint account."¹

A Merrick Bank account cannot be titled in the name of a trust. Section 8 of the contract lists "Accounts in the name of a trust, fiduciary, or estate" among the ownership types Merrick does not offer.²

An existing CD cannot be retitled: ownership of the account cannot be changed during the term, and section 19 makes the account non-transferable and non-assignable by an owner.²

Merrick Bank, Everpath and Ollo credit cards are debts and carry no beneficiary designation of any kind.¹

Recreation loans and personal loans are debts and carry no beneficiary designation of any kind.¹

A beneficiary may be one or more individuals. Merrick's CD FAQ states a payable-on-death beneficiary "can be a person(s) or a Trust."¹

A trust can be named as the payable-on-death beneficiary. Naming a trust takes the trust's legal name and taxpayer identification number.¹

A payable-on-death beneficiary has no interest in and no access to the account until the owner's death, or on a joint account until the death of the last surviving joint owner.²

On the death of the owner, or on a joint account of the last surviving joint owner, the funds in a payable-on-death account are owned by the surviving beneficiaries.²

Merrick has no obligation to notify any beneficiary that a payable-on-death account exists or that an interest in it has vested.²

Multiple surviving beneficiaries take subject to Merrick's right of setoff and security interest, if any.²

For Arizona, a community property state, the contract notes that spousal or domestic-partner consent may be appropriate where the spouse or partner is not the sole beneficiary.²

For California, a community property state, the contract notes that spousal or domestic-partner consent may be appropriate where the spouse or partner is not the sole beneficiary.²

For Idaho, a community property state, the contract notes that spousal or domestic-partner consent may be appropriate where the spouse or partner is not the sole beneficiary.²

For Louisiana, a community property state, the contract notes that spousal or domestic-partner consent may be appropriate where the spouse or partner is not the sole beneficiary.²

For Nevada, a community property state, the contract notes that spousal or domestic-partner consent may be appropriate where the spouse or partner is not the sole beneficiary.²

For New Mexico, a community property state, the contract notes that spousal or domestic-partner consent may be appropriate where the spouse or partner is not the sole beneficiary.²

For Texas, a community property state, the contract notes that spousal or domestic-partner consent may be appropriate where the spouse or partner is not the sole beneficiary.²

For Washington, a community property state, the contract notes that spousal or domestic-partner consent may be appropriate where the spouse or partner is not the sole beneficiary.²

For Wisconsin, a community property state, the contract notes that spousal or domestic-partner consent may be appropriate where the spouse or partner is not the sole beneficiary.²