How to designate beneficiaries at PenAir
Beneficiaries are managed online, in branch or by phone
PenAir operates under a new nameRebranded, effective October 2022
Pen Air Federal Credit Union converted to a Florida state charter effective October 1, 2022 and now operates as PenAir Credit Union. PenAir states that member accounts were not affected by the charter change.
The goal with your PenAir accounts is to make sure every account has a transfer mechanism in place—either a POD beneficiary designation or trust ownership. Because PenAir is a membership-based institution, trust retitling must maintain the membership eligibility requirement. Accounts without either one pass through the estate, by probate or the state's small-estate procedure.
Across 23 product types, PenAir accounts vary in how they transfer at death. The sections below walk through Payable on Death (POD) designations, trust funding options, and which products support each method.
Beneficiary form at PenAir
Beneficiary change form (for IRAs).
- The account number
- For each beneficiary: name, full Social Security number, date of birth, and contact information
- The account number
- For each beneficiary: name, full Social Security number, date of birth, and contact information
Required Documents
- The account number (for a deposit account, by phone, in a branch or by video appointment)
- Beneficiary's name (for each beneficiary)
- Beneficiary's full Social Security number (for each beneficiary)
- Beneficiary's date of birth (for each beneficiary)
- Beneficiary's contact information (for each beneficiary)
- The account number
- For each beneficiary: name, full Social Security number, date of birth, and contact information
- The account number
- For each beneficiary: name, full Social Security number, date of birth, and contact information
Required Documents
- The account number (for a deposit account, by phone, in a branch or by video appointment)
- Beneficiary's name (for each beneficiary)
- Beneficiary's full Social Security number (for each beneficiary)
- Beneficiary's date of birth (for each beneficiary)
- Beneficiary's contact information (for each beneficiary)
What PenAir says about beneficiaries and trusts
Each section is PenAir's own statement, with the document it comes from numbered under Sources.
Which accounts take a beneficiary2
- Payable-on-death account
On a deposit account the beneficiary is a payable on death (POD) designation under Section 31 of the Membership and Account Agreement.1
Deposit-account beneficiaries are updated by phone, in a branch or by video appointment, not online.2
- IRA
An IRA beneficiary is changed separately, online through the Beneficiary change form on the Manage My Account page in Retirement Central. PenAir's Operations Support team makes the update.3
Beneficiary forms PenAir issues1
- Beneficiary change form
For IRAs. Completed by the account owner, on the Manage My Account page in Retirement Central. Completed online.3
What PenAir's agreement says about beneficiaries2
- Changing or revoking a designation
Under Section 31 of the Membership and Account Agreement, either owner can change a designated beneficiary during their lifetime by written direction to PenAir.1
- Membership
You must be a member of PenAir Credit Union to designate or change the beneficiaries of an account.2
Which accounts a trust can hold1
What PenAir says about trust accounts1
- Review of the trust document
Under Section 36 of the Membership and Account Agreement, PenAir may require a trust agreement to prove the trust exists. PenAir is not a party to the trust agreement, and holding a copy does not impute knowledge of its contents to PenAir or its employees.1
Under Section 39, PenAir may decline to honor an instruction based on a trust until it is satisfied of the instruction's legality or authenticity.1
Not in PenAir's published guidance4
- A procedure for holding an account in a trust
- Trust-account opening channel
- Trust-account document list
- Deposit products open to a trust, for deposit accounts
Sources
Data sourced from PenAir primary sources (31 pages reviewed). How we research.
Download these PenAir instructions
Download instructions for the whole estateA printable PDF with the steps, required documents, and contact details — verified against PenAir primary sources. Bring it to the branch or keep it beside the phone.
PenAir estate support
Member Services
Phone
Main number
Lost card or fraud
Mortgage Lending
Wealth Management
IRA and HSA specialist
Mailing address
Website
Estate requests go through general customer service.
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