How to name beneficiaries and fund a trust at Philadelphia FCU

PFCU's online application offers an optional primary beneficiary on every consumer deposit product.¹

A POD or trust beneficiary designation does not apply to an IRA.²

The agreement's POD and trust beneficiary terms (section 4) do not apply to an account held on behalf of or in the name of a trust.²

The online application allows up to 10 primary beneficiaries. When more than one POD or trust beneficiary survives, they own the funds jointly in equal shares without rights of survivorship, unless state law provides otherwise or PFCU permits and documents otherwise.^{1, 2}

A POD designation makes the account payable to the owner or owners during their lifetimes and, when the last account owner dies, to all surviving POD beneficiaries.²

On a joint account, the POD beneficiaries take nothing while a joint owner is living.²

PFCU is not obligated to notify a beneficiary that the account exists or that the beneficiary's interest has vested, except as otherwise provided by law.²

PFCU describes trust accounts as a way to make sure financial wishes are carried out after the owner has passed on, and says it can manage these accounts until the time comes to distribute the funds.³

Trust account deposits may go into share accounts or certificates.³

Available to download.⁴

Trust accounts have no annual fee.³

A free debit card is available on a trust account.³