How to name beneficiaries and fund a trust at Philadelphia FCU
Covers 7 deposit, 2 retirement, and 5 lending accounts — beneficiaries must be updated in-branch
Philadelphia Federal Credit Union, 12800 Townsend Road, Philadelphia, PA 19154
Philadelphia Federal Credit Union, 12800 Townsend Road, Philadelphia, PA 19154
Member Services (Death Claims and Estate Accounts)
Philadelphia Federal Credit Union, Attn: Member Services, 12800 Townsend Road, Philadelphia, PA 19154
Estate planning at Philadelphia FCU means getting each account set up so it transfers automatically when you die—either through a POD beneficiary or trust ownership. Because Philadelphia FCU is a membership-based institution, trust retitling must maintain the membership eligibility requirement. Without one of these in place, accounts may require probate before your family can access the funds.
Across 14 product types, Philadelphia FCU 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.
- Request to add or update POD (Payable on Death) beneficiary designations on your accounts
- Provide beneficiary name, date of birth, Social Security number, and relationship
Required Documents
- Trust name, date established, and tax ID (EIN or SSN)
Special Requirements
- Beneficiary designations for deposit accounts are handled in branch or by phone. If you open an account online, you must complete the POD designation with PFCU afterward
- EQUAL SHARES, NO SURVIVORSHIP: Section 4 of PFCU's Membership and Account Agreement provides that when there is more than one surviving POD beneficiary, they own the funds jointly in EQUAL shares WITHOUT rights of survivorship, unless state law provides otherwise or PFCU permits and documents a different split. You generally cannot give one POD beneficiary 70 percent and another 30 percent; if you need unequal shares, that belongs in a trust or a will
- A POD designation on a PFCU account is payable to the owner during their lifetime and only pays out to the beneficiaries when the LAST account owner dies. On a joint account, a POD beneficiary takes nothing until both joint owners have died
- IRAs ARE EXCLUDED: the same section states a POD or trust beneficiary/payee designation "shall not apply to Individual Retirement Accounts (IRAs)." IRA beneficiaries are named on the IRA's own paperwork
- PFCU is not obligated to notify a POD beneficiary that the account exists or that their interest has vested, except where the law requires it. Tell the people you name, or leave the account in your records
Sources
Data sourced from Philadelphia FCU primary sources (36 pages reviewed). How we research.
Download these Philadelphia FCU instructions
Download instructions for the whole estateA printable PDF with the steps, required documents, and contact details — verified against Philadelphia FCU primary sources. Bring it to the branch or keep it beside the phone.
Philadelphia Federal Credit Union, 12800 Townsend Road, Philadelphia, PA 19154
Philadelphia Federal Credit Union, 12800 Townsend Road, Philadelphia, PA 19154
Member Services (Death Claims and Estate Accounts)
Philadelphia Federal Credit Union, Attn: Member Services, 12800 Townsend Road, Philadelphia, PA 19154
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