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H. Contingent Beneciary 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,
Date of Birth
Social Security No.
(SSN) or ITIN
(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may be withdrawn in whole or in part by any account holder.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
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)