What is a beneficiary?
A payable on death (POD) or beneficiary is a person or group that is designated as the recipient of funds or other property under a will, trust, insurance policy, etc. If a member were to pass away, available funds would first to go any joint owners on the account. If there were no joint owner(s), the funds would go to the beneficiary. In the event there is no joint owner or beneficiary on file, the funds would go to the member's heir. Please contact us if you would like more information.
If you would like to update your joint owners or beneficiaries simply submit a signed Subsequent Action Request and Authorization form to us. Joint owners being added need to provide a copy of their Social Security Number and state issued identification.