How to designate beneficiaries at SECU Maryland
Beneficiaries are managed in branch
The goal with your SECU Maryland accounts is to make sure every account has a transfer mechanism in place—either a POD beneficiary designation or trust ownership. Because SECU Maryland 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.
Each of SECU Maryland's 9 accounts has different rules for how it transfers at death. The sections below explain the options for each.
Beneficiary form at SECU Maryland
SECU Account Application (POD payee section) (for payable-on-death accounts) and SECU IRA beneficiary form (for IRAs).
Open the form →- Name
- Address
- Social Security number and SECU member number
- Date of birth
- Home and cell phone
- The account(s) the designation applies to
Required Documents
- Payee's name (for each POD payee)
- Payee's address (for each POD payee)
- Payee's Social Security number and SECU member number (for each POD payee)
- Payee's date of birth (for each POD payee)
- Payee's home and cell phone (for each POD payee)
- The account(s) the designation applies to
- SECU's IRA beneficiary form (for an IRA). Submitted at a financial center or by appointment
Beneficiary designation is not available for investment accounts at SECU Maryland.
- Name
- Address
- Social Security number and SECU member number
- Date of birth
- Home and cell phone
- The account(s) the designation applies to
Required Documents
- Payee's name (for each POD payee)
- Payee's address (for each POD payee)
- Payee's Social Security number and SECU member number (for each POD payee)
- Payee's date of birth (for each POD payee)
- Payee's home and cell phone (for each POD payee)
- The account(s) the designation applies to
- SECU's IRA beneficiary form (for an IRA). Submitted at a financial center or by appointment
What SECU Maryland says about beneficiaries and trusts
Each section is SECU Maryland's own statement, with the document it comes from numbered under Sources.
Which accounts take a beneficiary3
- Payable-on-death account
POD payees are designated per account on the Account Application: "The following person(s), if living, will own any funds remaining in the account(s) after the death of all account owners."1
After the last owner's death, a single-owner account with designated POD payees is closed. The remaining funds are distributed equally to the payees once any open loans have been satisfied.2
- Account in one name
A single-owner account with no designated POD payee is closed. The remaining funds are distributed to the estate once any open loans have been satisfied.2
How many beneficiaries, and how shares are split
- Payable-on-death account
When more than one POD payee survives, they own the funds jointly in equal shares without rights of survivorship, unless state law provides otherwise or SECU permits and documents a different arrangement.3
What a designation takes to be effective
- Payable-on-death account
The account owner and any joint account owners sign the Account Application.1
Beneficiary forms SECU Maryland issues2
- SECU Account Application (POD payee section)
For payable-on-death accounts. Available to download.1
- SECU IRA beneficiary form
For IRAs. Provided at a branch.4
Which accounts a trust can hold1
- Trust account
The Membership and Account Agreement recognizes accounts "held on behalf of or in the name of a trust." Members may request trust account arrangements, which SECU may accept or refuse.3
What SECU Maryland says about trust accounts2
- Review of the trust document
SECU states that it does not give legal advice and does not counsel members on which account arrangement meets the requirements of a trust.3
- Indemnity the owner or a trustee gives
SECU may refuse instructions it believes could expose it to claims, or may require indemnity, a bond or other protection.3
Accounts handled elsewhere1
- LPL Financial
Investment accounts held through SECU Financial Partners3
Not in SECU Maryland's published guidance2
- An online way to name a beneficiary
- A procedure for holding an account in a trust
Sources
Data sourced from SECU Maryland primary sources (14 pages reviewed). How we research.
Download these SECU Maryland instructions
Download instructions for the whole estateA printable PDF with the steps, required documents, and contact details — verified against SECU Maryland primary sources. Bring it to the branch or keep it beside the phone.
SECU Maryland estate support
Phone
Toll-free
Bank-by-Phone
Bank-by-Phone (Toll-Free)
SECU Financial Partners (Investments)
Hours
Mailing address
Website
Estate requests go through general customer service.
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