How to designate beneficiaries at UNFCU

A beneficiary can be designated on all deposit accounts, including checking, savings and share certificate accounts.¹

Share certificate accounts take a beneficiary designation, as all deposit accounts do.¹

Beneficiaries on a child or minor account cannot be updated in Digital Banking. Contact UNFCU to update them.¹

An account titled in the name of a revocable living trust cannot be assigned a beneficiary. Contact UNFCU for assistance with one.^{1, 2}

A trust can be named as beneficiary on UNFCU deposit accounts.²

Designated beneficiaries receive all money held in the member's UNFCU accounts in equal parts, after any set-offs or deductions made by UNFCU.³

Up to five beneficiaries can be named per account in Digital Banking. To name more than five, contact UNFCU.¹

The Beneficiary Update Form signature must be authenticated in person by a US notary public, apostille, or US embassy or consulate official. Any additional page must be notarized.²

Only primary and joint owners can update beneficiaries in Digital Banking. For child or minor accounts and organizational accounts, contact UNFCU.¹

Available to download.^{2, 4}

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A Beneficiary Update Form replaces all current beneficiaries, so it lists every beneficiary you want to keep.²

UNFCU takes beneficiary updates in Digital Banking, by mail or in person, and not by phone or web chat.¹

A beneficiary has no rights or access to the account during the owner's lifetime.¹

UNFCU's Membership & Accounts Agreement says a beneficiary designation is a transfer-on-death designation governed by New York State law.³

On a joint account, the beneficiaries receive the money on the death of the last surviving account holder.³

Without a beneficiary, UNFCU requires a will to be probated before it distributes funds. A beneficiary claim needs no probate, so the funds are available sooner.¹

A beneficiary form given to the UN or to an employer does not cover UNFCU accounts. UNFCU is a separate entity and needs its own form.¹

UNFCU deposit accounts can be titled in the name of a revocable living trust.^{1, 2}