How to designate beneficiaries at Security Service FCU
Beneficiaries are managed online
Estate planning at Security Service FCU means getting each account set up so it transfers automatically when you die—either through a POD beneficiary or trust ownership. Because Security Service 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.
With 15 product types, Security Service FCU offers a range of transfer options. Some accounts support Payable on Death (POD) designations, others can be retitled into a trust, and some require probate if no beneficiary is designated. The sections below break down each step.
Beneficiary form at Security Service FCU
Pay-on-Death Beneficiaries (for payable-on-death accounts), IRA Beneficiary Designation (for IRAs) and CESA Death Beneficiary Designation (for coverdell education savings accounts).
Open the form →- Deposit accounts: "Pay-on-Death Beneficiaries" ("Update Pay-on-Death Beneficiaries for your existing accounts"), filled out and submitted online through DocuSign
- IRAs: "IRA Beneficiary Designation", downloaded, completed, and emailed to ira@ssfcu.org or faxed to 210-476-4441
- Coverdell ESA: "CESA Death Beneficiary Designation", downloaded, completed, and faxed to 210-476-4441
Required Documents
- IRA Beneficiary Designation form, completed (for an IRA)
- CESA Death Beneficiary Designation form, completed (for a Coverdell ESA)
- Deposit accounts: "Pay-on-Death Beneficiaries" ("Update Pay-on-Death Beneficiaries for your existing accounts"), filled out and submitted online through DocuSign
- IRAs: "IRA Beneficiary Designation", downloaded, completed, and emailed to ira@ssfcu.org or faxed to 210-476-4441
- Coverdell ESA: "CESA Death Beneficiary Designation", downloaded, completed, and faxed to 210-476-4441
Required Documents
- IRA Beneficiary Designation form, completed (for an IRA)
- CESA Death Beneficiary Designation form, completed (for a Coverdell ESA)
What Security Service FCU says about beneficiaries and trusts
Each section is Security Service FCU's own statement, with the document it comes from numbered under Sources.
Which accounts take a beneficiary3
- Payable-on-death account
On the death of the owner of a single-party account with a POD designation, ownership passes to the POD beneficiaries and the account is not part of the owner's estate.1
The ownership type and rights-at-death designation on the Member Agreement for a savings account whose number ends in "00" also governs every sub account sharing its first eight digits, unless a separate agreement is signed for the sub account.1
- IRA
A new IRA Beneficiary Designation form overrides all previous designations for that IRA.2
If no beneficiaries are named, the owner's estate is the beneficiary.2
- Coverdell education savings account
If no death beneficiaries are named, the designated beneficiary's estate is the death beneficiary.3
What a designation takes to be effective
- IRA
The IRA Beneficiary Designation form includes a spousal consent section for owners in community or marital property states.2
Beneficiary forms Security Service FCU issues3
- Pay-on-Death Beneficiaries
For payable-on-death accounts. Completed online.4
- IRA Beneficiary Designation
For IRAs. Available to download.2
Return to
Email: ira@ssfcu.org
Fax: 1-210-476-4441
- CESA Death Beneficiary Designation
For coverdell education savings accounts. Available to download.3
Return to
Fax: 1-210-476-4441
Which accounts a trust can hold2
- Fiduciary account
Fiduciary accounts may be opened and maintained by a person or persons named as a trustee under a written trust agreement.1
By opening such an account the credit union is not acting as a trustee and does not monitor or enforce the terms of the trust.1
- Trust account
The consumer account agreement describes a "Trust Account" ownership type: a trustee may withdraw funds, and a beneficiary may not withdraw funds before all trustees are deceased.1
On the death of the last surviving trustee, ownership passes to the beneficiary. The account is not part of a trustee's estate unless the trustee survives all beneficiaries and all other trustees.1
Not in Security Service FCU's published guidance4
- A beneficiary form to download, for deposit accounts
- A procedure for holding an account in a trust
- A trust account form
- Which trust documents it accepts
Sources
(1)·
Data sourced from Security Service FCU primary sources (23 pages reviewed). How we research.
Download these Security Service FCU instructions
A printable PDF with the steps, required documents, and contact details, verified against Security Service FCU primary sources. Bring it to the branch or keep it beside the phone.
Security Service FCU estate support
Phone
Automated Phone Banking
Online, Mobile, and Bill Pay Support
Credit Card Support
Loan Representatives
Investments
IRA and Coverdell ESA Applications
Fax
Hours
Mailing address
Website
Estate requests go through general customer service.
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