How to designate beneficiaries at Summit CU

On deposit accounts (checking, savings, money market and certificates), POD beneficiaries are added for the entire account number, so they are the same for every share under that account number.^{1, 2, 3}

Different beneficiaries for different shares require separate account numbers.^{1, 2, 3}

POD designations do not apply to IRAs. The IRA beneficiary designation is made on Summit's IRA form.^{1, 2, 3}

HSA beneficiaries are designated on the HSA application.^{1, 2, 3}

Only primary beneficiaries can be added. When more than one POD beneficiary survives, they own the funds jointly in equal shares without rights of survivorship, unless state law provides otherwise or Summit permits and documents otherwise.³

For IRAs. Sent by the institution on request.^{1, 2, 3}

For health savings accounts. Sent by the institution on request.^{1, 2, 3}

Summit is not obligated to notify any beneficiary of the existence of an account, except as provided by law.³

Members "may request that we facilitate certain trust, will, or court-ordered account arrangements."³

Summit's Membership Agreement and Truth-in-Savings disclosure both refer to accounts held in the name of a trust.^{3, 4}

Summit does not give legal advice: "we cannot counsel you as to which account arrangement most appropriately meets the specific requirements of your trust, will, or court order."³