Fillable Payable on Death (POD) Designation (Navy Federal Credit Union)

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Payable on Death (POD) Designation (Navy Federal Credit Union)

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Signature of Member (Required)
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Date (MM/DD/YY)
Signature of Joint Owner (As applicable)
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Date (MM/DD/YY)
Signature of Joint Owner (As applicable)
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Date (MM/DD/YY)
© 2021 Navy Federal NFCU 250 (2-21)
Page 1 of 2
Name: First MI Last Suffix Access No.
Name: First MI Last Suffix Access No.
Name: First MI Last Suffix Access No.
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This document contains both information and form fields. To read information, use the Down Arrow from a form field.
Navy Federal
®
Payable on Death (POD) Designation
Use this application to establish, update, or remove a POD designation and/or beneficiary(ies) on a savings account, checking account, MMSA, or
certificate. For this request to be effective, all account holders are required to sign this form.
To expedite your request, please return this completed form through one of the following methods:
1) Mobile or Online Banking: Attach form via eMessage
3) Visit local branch
2) Fax to Navy Federal at 703-20
6-3724
4) Mail form to P.O. Box 3002, Merrifield, VA 22116-9887
A. Primary Member Information
B. Joint Owner Information
Joint owner(s) must be the same Joint Owner(s) on all accounts being designated as Payable on Death on this form.
Note: If your Joint Owner is not a Member, the Change of Information/Add Joint Owner (NFCU 97CI) form must be completed.
C. Designate Accounts (Choose one.) Do not list IRA accounts below. A separate change of beneficiary form (NFCU 584) must be completed to
effect a change of beneficiary(ies) for any IRA accounts.
All existing and future accounts established after this dated application, and the same primary beneficiary(ies) listed in section E, will be added to such
account(s). This designation for future accounts will only apply to those accounts that are owned in the same manner as stated on this form.
Specific existing accounts (List complete account numbers.)
D. Designate Beneciary(ies) (Choose one.)
1. Assign beneficiary(ies) – I designate the individual(s) or entity named in section E as my primary beneciary(ies) and understand that this election will
revoke all previous primary beneciary designations (if already established). This option will designate accounts identied in section C as payable on death
accounts. This form must be signed by all primary and joint owners (if applicable) to be effective.
2. Remove all existing beneficiary(ies) – I designate there will not be any beneciary(ies) for the account(s) identied in section C. This will remove the
payable on death designation entirely. This form must be signed by all primary and joint owners (if applicable) to be effective.
E. Primary Beneciary Information (Joint Owners of accounts should not be added to this section.) Upon the death of a Primary Beneficiary
(prior to the death of the member), the deceased Primary Beneficiary’s percentage share will be shared equally among any surviving Primary Beneficiaries.
If a Legal Trust is named as the Primary Beneficiary, this designation shall supersede any individual named Primary Beneficiary(ies), and payment
will be made in full to the Legal Trust. If you wish to establish Contingent Beneficiary(ies) please complete section H on page 2.
Beneficiary(ies), Legal Trust,
or Charity
(if any)
Address
Date of Birth
(MM/DD/YY)
(if applicable)
Relationship
Social Security No.
(SSN) or ITIN
Percentage
(must equal 100%)
F. Survivorship Designation (Choose one.) The survivorship designation on my POD account applies to all other POD accounts with the same joint
owner, unless specifically designated otherwise for a particular account in writing. If no survivorship option is selected in section F, the account(s) will be
designated as Joint Owner with Survivorship.
Joint Account—With Survivorship
(On the death of an owner, the deceased’s ownership interest in the
account passes to the surviving account owner.)
Joint Account—No Survivorship
(On the death of an owner, the ownership of the account funds passes to the
beneficiary(ies) as designated, regardless of the survival of the joint owner.)
G. Required Signatures
I have Contingent Beneficiary Information in Section H. (page 2)— (Choose one.)
Yes No
By signing, I/we acknowledge that I/we have read and agree to the information, disclosures, and agreements in Section I on page 2.
Clear
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Page 2 of 2
H. Contingent Beneciary Information (Optional) Distributions will be made to Contingent Beneficiary(ies), only if all Primary Beneficiary(ies)
is/are deceased. (Upon the death of a Contingent Beneficiary, the deceased Contingent Beneficiary’s percentage share will be shared equally among any
surviving Contingent Beneficiaries.) If a Legal Trust is named as Primary Beneficiary, Contingent Beneficiary(ies) shall not receive proceeds unless the
Legal Trust was properly terminated or revoked prior to the Primary Member’s death.
Beneficiary(ies), Legal Trust,
or Charity
(if any)
Address
Date of Birth
(MM/DD/YY)
(if applicable)
Relationship
Social Security No.
(SSN) or ITIN
Percentage
(must equal 100%)
I. Survivorship Designation and Disclosure Agreement
I/We hereby request a Payable on Death (POD) designation for the
beneficiary(ies) listed for the account(s) designated in this application, and
I/we agree to the designations, beneficiary(ies), and survivorship designation
on this form, and the terms of this Disclosure, as amended from time to time
by Navy Federal Credit Union (Navy Federal) in its sole discretion.
It is understood and agreed that subject to the credit union’s bylaws and
applicable state and federal laws, rules, and regulations, all sums paid into
the account(s) may be pledged to the credit union as security for a loan by
me, the joint owner, or both, if applicable, and further that all account funds
may be withdrawn in whole or in part by any account holder.
I acknowledge that membership at Navy Federal comes with certain
ongoing responsibilities. By signing this document, my joint owner(s), if any,
and I agree to abide by the terms and conditions of all accounts or services
that I/we receive at Navy Federal. These terms and conditions are disclosed
in accordance with applicable state and federal laws and are provided in
the disclosure and agreement forms. If “Joint Account with Survivorship”
is selected, then upon the death of either account holder, Navy Federal
reserves the right to re-title the POD-designated account(s) to the surviving
account holder. In addition, all parties to this account acknowledge that
the rights of the surviving account holder shall not be abridged and that all
surviving account holders shall retain full use and authority over the funds
in the account.
Upon the death of all the account holders, if the designation is “With
Survivorship,” or upon the death of the primary member if the designation
is “No Survivorship,” funds in the account(s) shall be made payable and
distributed to the surviving beneficiary, or if more than one beneficiary, to the
surviving beneficiaries equally unless a percentage designation is indicated.
If a member’s Legal Trust is the named beneficiary, this designation shall
supersede any individually named beneficiary(ies), and payment will be
made in full to the Legal Trust.
I/We understand and agree that I/we am/are responsible for properly
designating the respective percentage shares for the respective beneficiaries
so that the total percentage equals 100%. If there is a discrepancy in the
percentage shares and the total does not equal 100%, then I/we agree
that the designation shall automatically be determined for the surviving
beneficiaries to share the distribution equally.
I/We have read and agree to the terms and conditions of the Important
Disclosure Booklet (NFCU 606). Property may be transferred to the
appropriate state if there has been no activity within the time period specified
by state law. I/We understand that Navy Federal reserves the right to enforce
a statutory lien against any savings and dividends I/we have individually
or jointly on deposit at Navy Federal if I/we fail to satisfy any financial
obligation I/we have with Navy Federal. Navy Federal may enforce this right
without prior notice.
I/We understand and agree that I/we must notify the credit union if any
new account should not be included under this POD designation if I/we
have requested that all existing and any future account(s) be included in
the POD designation.
The beneficiary designation above shall not apply to any type of Individual
Retirement Arrangement (IRA) that I have now or in the future, including
savings, money market savings, and certificate IRA accounts. I understand
that a separate change of beneficiary form (NFCU 584) must be completed
to effect a change of beneficiary(ies) for any IRA account.
Beneficiary(ies) may be changed at any time by submitting a new POD
Designation form (NFCU 250), signed by all account holders, as applicable,
to be effective.
I agree and understand that if I desire a voluntary closure or shutdown of
my POD account(s), then my accounts will not have a POD designation
or any beneficiary(ies), and that I must further complete and submit a
new POD Designation form (NFCU 250) to establish a POD account with
new designation, beneficiary(ies), and survivorship designation for any
desired account(s).
I agree that if there is a security compromise of my POD account(s), then my
POD account(s) may be closed and new POD account(s) will be established
for administrative purposes. I agree and understand the new POD
account(s) established by Navy Federal will have the same designations,
beneficiary(ies), and survivorship designations as this current POD form.
If any changes or additions to the newly established POD account(s) are
desired, then a new POD Designation form (NFCU 250) must be completed,
signed by all account holders (as applicable), and submitted to be effective.
The survivorship designation on this form shall supersede the designation
on all accounts included with this form.
Federal law requires all financial institutions to obtain, verify, and record
information that identifies each person who opens an account, including
joint owners and authorized signers. What this means for you: When you
open an account, we will ask you for your name, address, date of birth, and
other information that will allow us to identify you. We may also ask to see
your driver’s license or other identifying documents. It may be necessary
for Navy Federal to restrict account access or delay the approval of loans
pending further verification.
© 2021 Navy Federal NFCU 250 (2-21)
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Payable on Death (POD) Designation (Navy Federal Credit Union)

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Completed 11 January 2022

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