How to designate beneficiaries at OCCU

POD beneficiaries for deposit accounts are named on the Membership Application & Signature Card or the Maintenance Form (Signature Card).¹

An IRA uses a separate beneficiary designation. A POD designation does not apply to an IRA.¹

A change requested by an account owner must be evidenced by a signed Signature Card and accepted by OCCU.¹

For payable-on-death accounts. Sent by the institution on request.^{1, 2}

For payable-on-death accounts. Sent by the institution on request.^{1, 2}

On the death of the last account owner, a POD account is payable to any named and surviving POD beneficiary. An account payable to more than one POD beneficiary is owned jointly by those beneficiaries with right of survivorship.¹

OCCU has no obligation to notify a beneficiary of the existence of an account or the vesting of the beneficiary’s interest, except as required by law.¹

OCCU treats a living trust account as an individual account held by one or more trustees for the benefit of one or more beneficiaries under a revocable trust agreement.¹

On the death of an individual owner, the interest in an individual account, including a living trust account, passes, subject to applicable law, to the decedent’s estate or POD beneficiary, if applicable.¹

The trustee(s) warrant that a valid living trust exists and that the trustee(s) are eligible for OCCU membership.¹

OCCU does not act as a trustee and has no obligation to inquire into the trustee’s powers or duties. It may withhold payment of funds to any party until proper evidence of authority is provided.¹

OCCU may rely on the directions of any one trustee until it receives written notice of revocation or an updated Living Trust Membership Card, and may release funds to any one trustee acting alone or with a co-trustee.¹

The agreement binds the trust, any trustee, successor trustee and beneficiaries.¹