How to name beneficiaries and fund a trust at M&T Bank

For checking, savings, money market and CD accounts, beneficiaries are added on the account documents at a branch, or by calling General Service to be routed to the required paperwork.¹

A Health Savings Account takes its beneficiaries on the HSA Designation of Beneficiary form, not on the deposit account documents.²

Under BR-1009 a fiduciary account, such as one titled to a trust or an estate, is a separate class from a joint account, so neither the Pennsylvania entireties default nor the joint-account survivorship default applies.³

Under BR-1009 a minor's custodial account is a separate class from a joint account, so neither the Pennsylvania entireties default nor the joint-account survivorship default applies.³

A trust can be named as a POD beneficiary. The owner gives the trust name, the date it was established and its EIN.¹

Each primary and contingent beneficiary is given a percentage allocation, and the allocations total 100%.¹

For health savings accounts. Available to download.²

Under BR-1009, on the death of a party to a joint account with right of survivorship, the deceased party's ownership passes to the surviving party or parties, and survivorship takes priority over a POD beneficiary on the first death.³

An account opened outside Pennsylvania in the names of two or more individuals is a joint account with right of survivorship.³

The HSA Designation of Beneficiary overrides all previous designations for that HSA.²

Under the HSA form, the interest of a beneficiary who dies before the owner terminates completely, and the remaining beneficiaries' shares increase pro rata.²

Under the HSA form, if no beneficiary is named, the owner's estate is the beneficiary.²

Under BR-1009, an account opened in Pennsylvania in the names of two or more individuals who are married to each other is a tenancy by the entireties account with right of survivorship, unless it is a fiduciary or custodial account.³

On such a Pennsylvania account, survivorship pays the surviving spouse ahead of any POD beneficiary.³

West Virginia joint account holders initial a separate notice on BR-1009: anyone named on the joint account may withdraw all of its money, or pledge it as security for a loan or debt, unless M&T is given prior written notice not to permit it.³

Despite any such notice, M&T may pay the entire balance of a West Virginia joint account to a creditor or other legal claimant under legal process.³

M&T states that Relationship Savings "can be opened by individuals only."⁴

Under BR-1009 a trust-titled account is a separate class from a joint account, so it is not subject to the Pennsylvania tenancy-by-the-entireties default or the joint-account survivorship default.³

M&T states that "some fiduciary accounts such as trusts and estates are not eligible to upgrade to the M&T Preferred Money Market."⁵

Fiduciary and sole-beneficiary balances are excluded from the relationship-balance calculations that drive the Preferred Money Market rate tiers.⁵

Provided at a branch.⁶

Retitling an M&T deposit account into your own revocable living trust is branch paperwork. You stay trustee and run the account yourself.⁶

Corporate trustee, co-trustee and executor engagements, with their own minimums and ongoing fees⁷

Health Savings Accounts, on a servicing channel of their own²